Union Budget 2024: Stock Market Experts Decipher Changes And Impact; Tax Slabs Revised | All Updates

The stock market witnessed a sharp decline on Tuesday following the Union Budget announcement of the long-term capital gains (LTCG) tax on equities raised to 12.5% from the previous 10%, and the short-term capital gains (STCG) tax increased to 20% from 15%. However, the LTCG tax exemption limit was also raised to Rs 1.25 lakh from Rs 1 lakh.

Here is what market experts have to say:

• "The hike in capital gains tax rates has understandably caused market jitters, especially because the tax revenue momentum was reasonably good. This unexpected policy shift is likely to weigh on investor sentiment in the short term, leading to higher market volatility than seen in the recent past. Investors should stay focused on the fundamental strengths of their portfolios. Such short-term market fluctuations may offer opportunities to add strong names to their portfolio." -- Alok Agarwal, Head - Quant & Fund Manager, Alchemy Capital Management.
• "The recent changes in the Union budget, particularly the increase in STCG and LTCG tax signal a significant shift. While the market's initial reaction may seem bearish, we believe these changes will ultimately foster a more stable and mature investment environment. The widening gap between STCG and LTCG rates is a clear incentive for longer-term holdings, which aligns with our view of creating sustainable wealth. This move is also a step towards standardising taxation across various asset classes, potentially simplifying the investment decision-making process for many.” -- Vaibhav Porwal, Co-founder, Dezerv.
• “We can expect more measures in the F&O space in the days to come. On the growth and social agenda, the government has clearly articulated the focus areas like agriculture, employment, skilling, infrastructure, inclusive social growth, manufacturing, infrastructure, urbanization, innovation and next-gen reforms. The budget spending in the years to come will keep adding to these focus areas.” -- Deepak Ramaraju, Senior Fund Manager, Shriram AMC.
• "The overarching theme of this Budget is fiscal consolidation and focus on employment generation. The reduction in fiscal deficit target for FY 25 from 5.1% in the interim Budget to 4.9% now reflects the government’s focus on growth with financial stability. This, along with Rs 11.11 lakh crores (3.4% GDP) of capex in FY25 augurs well for the growth of the economy in the long run." -- Dr. V K Vijayakumar, Chief Investment Strategy, Geojit Financial Services.

READ COMPLETE REPORT: Budget 2024 Aims To Reduce Excessive Speculative Trade in F&O, Market May Remain Volatile in Short Term

Congress leader and Leader of Opposition in Lok Sabha Rahul Gandhi termed the Budget 2024-25 as "Kursi Bachao" Budget, asserting that it was meant to appease allies cronies, and was a copy past of Congress manifesto and previous budgets.

Rahul's post on X read:

“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.

Finance Minister Nirmala Sitharaman is addressing a post-Budget media conference, where she and her team is answering questions and clarifying details of the Budget 2024-25.

Gold, silver and other precious metals along with imported mobile phones, certain cancer drugs and medical devices are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2024-25. However, certain items such as imported garden umbrellas and laboratory chemicals are also set to become costly due to an increase in basic customs duty.

CHEAPER

• Gold bar and dore
• Silver bar and dore
• Platinum, Palladium, Osmium, Ruthenium and Iridium
• Coins of precious metals
• Platinum and Palladium used in the manufacture of noble metal solutions, noble metal compounds and catalytic convertors
• Cancer Drugs - Trastuzumab Deruxtecan, Osimertinib, Durvalumab
• Medical Equipment - All types of polyethylene for use in manufacture of orthopaedic implants X-ray tubes for use in manufacture of X-ray machines for medical, surgical, dental or veterinary use
• Flat panel detectors (including scintillators) for use in manufacture of X-ray machines for medical, surgical, dental or veterinary use.
• Imported cellular mobile phone Charger/Adapter of cellular mobilePrinted Circuit Board Assembly (PCBA) of cellular mobile phone
• Specified capital goods for use in manufacture of solar cells or solar modules, and parts for manufacture of such capital goods
• Shea nuts
• Fish lipid oil for use in manufacture of aquatic feed
• Crude fish oil for use in manufacture of aquatic feed
• Natural Graphite
• Natural sands of all kinds
• Quartz Critical Minerals
• Lithium carbonates Lithium oxide and hydroxide Nitrates of potassium
• Steel Sector - Ferro Nickel and Blister Copper Textile and Leather Sector - Methylene Diphenyl Di-isocyanate (MDI) for use in the manufacture of Spandex Yarn.

COSTLIER

• Poly vinyl chloride (PVC) flex films (also known as PVC flex banners or PVC flex sheets)
• Garden umbrellas
• Laboratory chemicals
• Solar glass for manufacture of solar cells or solar modules
• Tinned copper interconnect for manufacture of solar cells or solar modules.

Andhra Pradesh Chief Minister N Chandrababu Naidu, whose Telugu Desam Party is a key constituent of the NDA 3.0 government, thanked PM Narendra Modi and FM Nirmala Sitharaman on Tuesday for including a comprehensive plan in the Budget 2024 to address issues faced by southern state post-bifurcation.

"On behalf of the people of Andhra Pradesh, I thank the Hon'ble Prime Minister, @narendramodi Ji and Hon'ble Union Finance Minister, @nsitharaman Ji, for recognising the needs of our State and focusing on a Capital, Polavaram, industrial nodes and development of backward areas in AP in the union budget of FY 24-25. This support from the Centre will go a long way towards rebuilding Andhra Pradesh. I congratulate you on the presentation of this progressive and confidence-boosting budget. #APBackOnTrack," Naidu posted on X.

His remarks came after FM Sitharaman, in his Budget 2024 speech in Lok Sabha earlier in the day, announced Rs 15,000 crore for the development of Andhra Pradesh's capital city this fiscal, addressing long-standing commitments under the Andhra Pradesh Reorganization Act. Sitharaman outlined a comprehensive plan that addressed key issues faced by Andhra Pradesh post-bifurcation.

Here is what she announced: Our government has made concerted efforts to fulfil the commitments in the Andhra Pradesh Reorganization Act. Recognizing the state’s need for a capital, we will facilitate special financial support through multilateral development agencies. In the current financial year Rs 15,000 crore will be arranged, with additional amounts in future years.

Our government is fully committed to financing and early completion of the Polavaram Irrigation Project, which is the lifeline for Andhra Pradesh and its farmers. This will facilitate our country’s food security as well.

Under the Act, for promoting industrial development, funds will be provided for essential infrastructure such as water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor. An additional allocation will be provided this year towards capital investment for economic growth.

Grants for backward regions of Rayalaseema, Prakasam and North Coastal Andhra, as stated in the Act, will also be provided.

The government has allocated Rs 42,277.74 crore to Jammu and Kashmir in the Union Budget for 2024-25, marking a 1.2% increase from the Rs 41,751.44 crore allocated in the previous fiscal. Finance Minister Nirmala Sitharaman presented the budget in the Lok Sabha on Tuesday. Of the total allocation, Rs 40,619.3 crore has been designated as Central Assistance to Union Territories to bridge the resource gap in Jammu and Kashmir. This includes Rs 7,900 crore as an advance from the Contingency Fund of India, which will be recouped after the Demands for Grants for 2024-25 are passed by Parliament and the Appropriation Act receives presidential assent.

The budget also earmarks Rs 279 crore for Jammu and Kashmir as grants towards the Union Territory Disaster Response Fund to address natural calamities. Additionally, Rs 130 crore has been allocated for the 624-MW Kiru Hydro Electric Project, and Rs 476.44 crore for the 800-MW Ratle Hydro Electric Project. Furthermore, Rs 500 crore has been provided for the Jhelum and Tawi Flood Recovery Project.

An allocation of Rs 171.23 crore has been made for the 540-MW KWR Hydro Electric Project, while Rs 101.77 crore is set aside to support capital expenditure for infrastructure projects in the Union Territory. Beyond the primary budget, the Centre has allocated an additional Rs 9,789.42 crore for the Jammu and Kashmir Police.

In Budget 2024-25, FM Nirmala Sitharaman encouraged states to lower stamp duty on property purchases, and also asked them to consider offering lower stamp duty rates for properties purchased by women.

"We encourage states that continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes," the Finance Minister said in her Union Budget speech.

PM Modi On Budget 2024: "In this Budget, the government has announced ‘Employment Linked Incentive scheme. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country's top companies under the apprenticeship program."

On Union Budget 2024-25, PM Narendra Modi says it will give "power to every section of the society..." "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...," the Prime Minister said in his post-budget address.

"I congratulate all my countrymen on this landmark budget, poised to propel our nation to unprecedented heights of progress. Finance Minister Nirmala Sitharaman Ji and her dedicated team deserve accolades for their tireless efforts. This visionary budget will uplift and empower every stratum of our society, paving the way for a brighter future for all," he said.

The Congress slammed the Union Budget 2024-25 on Tuesday saying the annual financial statement had nothing for the farmers, poor and youth, who have been suffering due to the policies of the Modi government over the past 10 years.

Speaking to ETV Bharat, Congress leader and Rajya Sabha MP Randeep Surjewala said, "It is a zero-sum budget which offers nothing for the farmers, poor and youth. These constitute around 60 percent of the population and have been suffering due to the policies of the Modi government over the past decade. They had high hopes that the budget 2024-25 will provide some relief to them. But there is no MSP guarantee or relief from debt or reduced cost of diesel and fertilizers for the farmers."

Finance Minister Nirmala Sitharaman on Tuesday proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent. In her budget speech in Lok Sabha, she also proposed reduction of basic customs duty on mobile phones, mobile charger to 15 per cent. She also made a provision for exemption of customs duty on 25 critical minerals.

The minister announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment. The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry. Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent.

On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics. She also said e-commerce export hubs will be set up in PPP (public private partnership) mode to enable MSMEs sell their products. Traditional artisans will sell products in international markets, she said. She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels.

Jewellery stocks surge after govt cuts basic custom duty on gold, silver: Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the government will reduce the basic customs duty on the yellow metal and silver to 6 per cent. On the BSE, the stock of Senco Gold zoomed 6.16 per cent to trade at Rs 1,000.80 apiece, Rajesh Exports surged 5.49 per cent to Rs 313.90 and PC Jeweller jumped 5 per cent to trade at Rs 74.16 -- also its upper circuit limit. In addition, shares of Titan Company climbed 3.66 per cent to Rs 3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79 per cent to Rs 140.20, and Kalyan Jewellers India gained 1.54 per cent to Rs 537.05 apiece on the bourse.

Gold futures tumble 5 pc after govt hikes STT on F&O

Gold prices plummeted by 5 per cent or Rs 3,702 to Rs 69,016 per 10 grams in futures trade on Tuesday after the government proposed to hike the securities transaction tax on futures and options trade. On the Multi Commodity Exchange, gold contracts for August delivery plunged Rs 3,702 or 5.09 per cent to Rs 69,016 per 10 grams in a business turnover of 12,397 lots. Silver prices also tumbled more than 5 per cent in futures. On the Multi Commodity Exchange, silver contracts for September delivery declined by Rs 4,704 or 5.27 per cent to Rs 84,499 per kg in a business turnover of 25,350 lots.

Finance Minister Nirmala Sithraman on Tuesday proposed to increase the rate of securities transaction tax (STT) on futures and options (F&O) trade to discourage retail investors' participation in the risky instrument. "It is proposed to increase the rates of STT on the sale of an option in securities from 0.0625 per cent to 0.1 per cent of the option premium, and on sale of a futures in securities from 0.0125 per cent to 0.02 per cent of the price at which such futures are traded," she said in the Union Budget speech for FY2024-25. (With PTI inputs)

In her budget 2024-25 speech, Finance Minister Nirmala Sitharaman announced a series of measures for development of Andhra Pradesh, including arranging Rs 15,000 crore this fiscal and in future years for development of the capital city of the state.

Here is what she announced: Our government has made concerted efforts to fulfil the commitments in the Andhra Pradesh Reorganization Act. Recognizing the state’s need for a capital, we will facilitate special financial support through multilateral development agencies. In the current financial year Rs 15,000 crore will be arranged, with additional amounts in future years.

Our government is fully committed to financing and early completion of the Polavaram Irrigation Project, which is the lifeline for Andhra Pradesh and its farmers. This will facilitate our country’s food security as well.

Under the Act, for promoting industrial development, funds will be provided for essential infrastructure such as water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor. An additional allocation will be provided this year towards capital investment for economic growth.

Grants for backward regions of Rayalaseema, Prakasam and North Coastal Andhra, as stated in the Act, will also be provided.

Internship in Top Companies: Finance Minister Nirmala Sitharaman in her Budget 2024 speech said that in order to provide on-job training to youth, the government will launch an internship scheme to provide opportunities to one crore youth in top 500 companies over the next five years.

Here is what the scheme entails:

• One crore youth to be skilled by India’s top companies in five years.
• Twelve months Prime Minister’s Internship with monthly allowance of Rs 5,000.
• Applicable to those who are not employed and not engaged in full time education.
• Youth aged between 21 and 24 will be eligible to apply.
• Cost sharing (per annum): Government to contribute Rs 54,000 towards monthly allowance (plus 6,000 grant for incidentals), Company to contribute Rs 6,000 from CSR funds towards monthly allowance.
• Training cost to be borne by the Company from CSR funds.
• Administrative costs to be borne by respective parties (for the
• Company, reasonable administrative expenses can be counted as CSR expenditure)
• Participation of companies is voluntary
• Applications through an online portal
• Company to select from a short list; short listing based on objective criteria with emphasis on those with lower employability
• Ineligible candidates (indicative list)
• Candidate has IIT, IIM, IISER, CA, CMA etc as qualification
• Any member of the family is assessed to Income Tax
• Any member of the family is a government employee, etc.
• Company is expected to provide the person an actual working experience on a skill in which the company is directly involved.
• At least half the time should be in actual working experience/job environment, not in classroom.
• In case the Company cannot directly do so, it must tie-up with:
• Companies in its forward and backward supply chain (e.g. suppliers or customers) or
• Other Companies/Institutions in its Group or otherwise
• Will be co-ordinated with State Government initiatives wherever applicable.
• Phase 1 of the scheme will be for 2 years followed by Phase 2 for 3 years

Finance Minister Nirmala Sitharaman introduced the Finance Bill in the Lok Sabha. The Budget Session has been adjourned till July 24, 11 am.

In a blow to investors, FM Sitharaman Tuesday said that long term gains on all financial, non-financial assets will attract a tax rate of 12.5 per cent, while short term gains on certain financial assets will attract tax rate of 20 per cent. In her presentation of the Union Budget for FY 2024-25, the FM announced several key tax changes impacting capital gains and trading activities. She declared a hike in the STT (Securities Transaction Tax) rate, increasing it from 0.01% to 0.02%. This increase effectively doubles the tax burden for equity and index traders involved in Futures and Options (F&O) transactions.

Following the same, stock market benchmarks Sensex and Nifty tanked as Sitharaman announced a hike in STT on F&O (Futures and Options) securities. The 30-share BSE Sensex jumped as soon as Finance Minister Nirmala Sitharaman began presenting the Budget for 2024-25. But, within minutes it slipped in the red and later plummeted 1,266.17 points to 79,235.91 during the afternoon trade.

Long-Term Capital Gains (LTCG): The tax rate on long-term capital gains for all financial and non-financial assets will rise from 10% to 12.5%. Additionally, the exemption limit for these gains has been set at ₹1.25 lakh per year.

Short-Term Capital Gains (STCG): The tax rate on short-term gains from certain financial assets will increase from 15% to 20%.

Union Finance Minister Nirmala Sitharaman says "Monetary limit for filing Tax appeals increased to Rs 60 lacs for ITAT, Rs 2 crores for High Courts and Rs 5 crores for Supreme Court...I propose to abolish the Angel tax abolished for all classes of investors. Corporate tax rate to be reduced on foreign companies from 40 to 35 per cent..."

On personal income tax rates in new tax regime, FM Sitharaman says, "For those opting for the new tax regime, the standard deduction for salaried employees to be increased from Rs 50,000 to Rs 75,000...Under new tax regime, tax rate structure to be revised as follows - Rs 0-Rs 3 lakh -Nil; Rs 3-7 lakh -5% ; Rs 7-10 lakh-10% ; Rs 10-12 lakh-15%; 12-15 lakh- 20% and above Rs 15 lakh-30%."

Customs Duty Proposals

• Customs duty on 3 more medicines to be fully removed, to provide relief to cancer patients
• Basic customs duty on mobile phone, mobile PCBA and mobile charger to be reduced to 15%
• 25 critical minerals to be exempted from customs duties & BCD on two of them to be reduced

FM Sitharaman says, "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."

Finance Minister Nirmala Sitharaman says, "Innovation Research and Development: We will operationlise the Anushandhan National Research Fund for basic research and prototype development. Further we will set up a mechanism for spurring private sector driven research and innovation at commercial scale with a financing pool of 1 lakh crore."

Finance Minister Nirmala Sitharaman says, "Vishnupad Temple at Gaya and Mahabodhi Temple at Bodh Gaya are of immense spiritual significance. Comprehensive development of Vishnupad Temple corridor and Mahabodhi Temple corridor will be supported and modelled on the successful Kashi-Vishwanath Temple corridor to transform them into world class pilgrim and tourist destinations. Rajgir holds immense religious significance for Hindus, Buddhists and Jains. The 20th Tirthankara Muniswarata Temple, the Sapta Rishi or seven hot springs form a warm water Brahmakunda that is sacred. Comprehensive development initiative for Rajgir will be undertaken. Our governemnt will support the development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature".

On free solar electricity scheme, Finance Minister Nirmala Sitharaman says, "PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it."

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

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

Finance Minister Nirmala Sitharaman says, "...Power projects including setting up of a new 2400 MW power plant at Pirpainti (Bihar) will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar government for external assistance from multilateral development banks will be expedited...Rs 20,000 Crore allocation for highways in the state...

FM Sitharaman announces internship programme for youth. One crore youth to get internship opportunities in top companies. Government to help them get a 12-month exposure in real life work situation. An internship allowance of Rs 5000 per month will be provided by the government along with a onetime allowance of Rs 6000 to each youth selected for this internship programme. Corporations are expected to utilise their CSR funds to train the youth.

ON MSMEs, Finance Minister Nirmala Sitharaman says, "For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger..."

Finance Minister Nirmala Sitharaman says, "Andhra Pradesh Reorganisation Act- Our government 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. Our government is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers."

FM Nirmala Sitharaman says, "On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. It will catalyse the development of the eastern region. We will also support the development of road connectivity projects: Patna-Purnea Expressway, Buxar-Bhagalpur Highway, Bodhgaya-Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for Rs 26,000 crores."

Finance Minister Nirmala Sitharaman says, "...One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth."

On Education loans, FM Sitharaman says, "Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions. The government will provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount."

FM Sitharaman begins speech: "The global economy is still in the grip of policy as political uncertainties and shipping disruption continue to post significant downside risks... In this context India's economic growth continues to be a shining exception and will remain so in the years ahead. Indian economy is stable and moving towards 4 per cent target...Steps tare being taken to ensure supply of perishable good reach market...As pointed out, we need to focus on 4 major castes, poor, women, youth and the farmer. For farmers, we announced higher minimum support prices a month ago, delivering atleast 50% margin over cost. PM Garib Kalyan Yojana has been extended for 5 years, benefitting 80 crore people. Required allocations have been made..."

Budget theme: "Turning attention to the full year and beyond, we focus on employment skilling, MSMEs and middle class. Happy to announce 5 schemes and initiatives to facilitate employment over a 5-year period. Central outlay of 2 lakh crore rupees will be made towards the same....Have made a provision of 1.48 lakh crore rupees for education, employment and skilling..."

Priorities: People have given a unique opportunity to take the country on path of development...We promised to pursuit a detailed roadmap...This budget envisages sustained efforts of the following 9 priorities for generating ample:

1. Productivity and resilience in agriculture.
2. Employment and skilling.
3. Inclusive human resource development and and social justice.
4. Manufacturing and services
5. Urban development
6. Energy security
7. Infrastructure
8. Innovation, research and development
9. Next generation reforms

Budget documents have arrived at Parliament Tuesday morning as Finance Minister Nirmala Sitharaman is set to present the full Union Budget 2024-25 shortly from now. As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025). Visuals showed key ministers of Modi 3.0 cabinet included Home Minister Amit Shah and Defence Minister Rajnath Singh arriving at Parliament.

Finance Minister Nirmala Sitharaman has arrived at the Parliament to present the first Budget in the third term of Modi Government. She was seen carrying the Budget tablet as she entered the Parliament building. Earlier today, Sitharaman called on President Droupadi Murmu at the Rashtrapati Bhawan. President Murmu extended her best wishes to the finance minister.

Finance Minister Nirmala Sitharaman on Tuesday called on President Droupadi Murmu before presenting the Union Budget for 2024-25. As per established tradition, the finance minister met the President at the Rashtrapati Bhawan before heading to Parliament. President Murmu extended her best wishes to the finance minister.

Benchmark indices -- BSE Sensex and Nifty50 -- started higher on Tuesday, ahead of the Union Budget 2024-25 presentation by Finance Minister Nirmala Sitharaman. The BSE Sensex was at 80,741, up 239 points or 0.3 per cent, while the Nifty50 stayed around 24,575, up 66 points or 0.27 per cent. The BSE MidCap and the BSE SmallCap indices were also up 0.3 per cent each.

Finance Minister Nirmala Sitharaman left the North Block offices of the Finance Ministry with a copy of the Union Budget 2024-25 and headed to Rashtrapati Bhavan to meet with President Droupadi Murmu, before she moves to the Parliament to present the budget. The Finance Minister along with her team posed for a photo opportunity along with the red 'Bahi Khatha' digital tablet before they left for Rashtrapati Bhavan.

Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets. The budget is likely to focus on changes in the income tax structure and improving the ease of doing business in India. Speaking to the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". The budget session of Parliament began on July 22 and, according to schedule, will end on August 12.

Finance Minister Nirmala Sitharaman reached the finance ministry on Tuesday morning ahead of her seventh consecutive Budget today. She is expected to present the Union Budget 2024-25 in Parliament at 11 am. This is the first Budget of the Modi government since the NDA came back to power for a third straight term. FM Sitharaman is set to surpass the record of former PM Morarji Desai as she presents her seventh straight budget. Desai presented five annual and one interim budget during his tenure as finance minister from 1959 to 1964. Earlier this year, Sitharaman had presented an interim budget months before the general elections. She was picked as Union Finance Minister in Modi's second term in 2019.

The Monsoon Session is scheduled to have 16 sittings and is likely to conclude on August 12. while the opposition is likely to corner the government on various issues, the session, according to Union Minister for Parliamentary Affairs Kiren Rijiju, will mainly be devoted to the financial business relating to the Union Budget for 2024-25.

The stock market witnessed a sharp decline on Tuesday following the Union Budget announcement of the long-term capital gains (LTCG) tax on equities raised to 12.5% from the previous 10%, and the short-term capital gains (STCG) tax increased to 20% from 15%. However, the LTCG tax exemption limit was also raised to Rs 1.25 lakh from Rs 1 lakh.

Here is what market experts have to say:

• "The hike in capital gains tax rates has understandably caused market jitters, especially because the tax revenue momentum was reasonably good. This unexpected policy shift is likely to weigh on investor sentiment in the short term, leading to higher market volatility than seen in the recent past. Investors should stay focused on the fundamental strengths of their portfolios. Such short-term market fluctuations may offer opportunities to add strong names to their portfolio." -- Alok Agarwal, Head - Quant & Fund Manager, Alchemy Capital Management.
• "The recent changes in the Union budget, particularly the increase in STCG and LTCG tax signal a significant shift. While the market's initial reaction may seem bearish, we believe these changes will ultimately foster a more stable and mature investment environment. The widening gap between STCG and LTCG rates is a clear incentive for longer-term holdings, which aligns with our view of creating sustainable wealth. This move is also a step towards standardising taxation across various asset classes, potentially simplifying the investment decision-making process for many.” -- Vaibhav Porwal, Co-founder, Dezerv.
• “We can expect more measures in the F&O space in the days to come. On the growth and social agenda, the government has clearly articulated the focus areas like agriculture, employment, skilling, infrastructure, inclusive social growth, manufacturing, infrastructure, urbanization, innovation and next-gen reforms. The budget spending in the years to come will keep adding to these focus areas.” -- Deepak Ramaraju, Senior Fund Manager, Shriram AMC.
• "The overarching theme of this Budget is fiscal consolidation and focus on employment generation. The reduction in fiscal deficit target for FY 25 from 5.1% in the interim Budget to 4.9% now reflects the government’s focus on growth with financial stability. This, along with Rs 11.11 lakh crores (3.4% GDP) of capex in FY25 augurs well for the growth of the economy in the long run." -- Dr. V K Vijayakumar, Chief Investment Strategy, Geojit Financial Services.

READ COMPLETE REPORT: Budget 2024 Aims To Reduce Excessive Speculative Trade in F&O, Market May Remain Volatile in Short Term

Congress leader and Leader of Opposition in Lok Sabha Rahul Gandhi termed the Budget 2024-25 as "Kursi Bachao" Budget, asserting that it was meant to appease allies cronies, and was a copy past of Congress manifesto and previous budgets.

Rahul's post on X read:

“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.

Finance Minister Nirmala Sitharaman is addressing a post-Budget media conference, where she and her team is answering questions and clarifying details of the Budget 2024-25.

Gold, silver and other precious metals along with imported mobile phones, certain cancer drugs and medical devices are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2024-25. However, certain items such as imported garden umbrellas and laboratory chemicals are also set to become costly due to an increase in basic customs duty.

CHEAPER

• Gold bar and dore
• Silver bar and dore
• Platinum, Palladium, Osmium, Ruthenium and Iridium
• Coins of precious metals
• Platinum and Palladium used in the manufacture of noble metal solutions, noble metal compounds and catalytic convertors
• Cancer Drugs - Trastuzumab Deruxtecan, Osimertinib, Durvalumab
• Medical Equipment - All types of polyethylene for use in manufacture of orthopaedic implants X-ray tubes for use in manufacture of X-ray machines for medical, surgical, dental or veterinary use
• Flat panel detectors (including scintillators) for use in manufacture of X-ray machines for medical, surgical, dental or veterinary use.
• Imported cellular mobile phone Charger/Adapter of cellular mobilePrinted Circuit Board Assembly (PCBA) of cellular mobile phone
• Specified capital goods for use in manufacture of solar cells or solar modules, and parts for manufacture of such capital goods
• Shea nuts
• Fish lipid oil for use in manufacture of aquatic feed
• Crude fish oil for use in manufacture of aquatic feed
• Natural Graphite
• Natural sands of all kinds
• Quartz Critical Minerals
• Lithium carbonates Lithium oxide and hydroxide Nitrates of potassium
• Steel Sector - Ferro Nickel and Blister Copper Textile and Leather Sector - Methylene Diphenyl Di-isocyanate (MDI) for use in the manufacture of Spandex Yarn.

COSTLIER

• Poly vinyl chloride (PVC) flex films (also known as PVC flex banners or PVC flex sheets)
• Garden umbrellas
• Laboratory chemicals
• Solar glass for manufacture of solar cells or solar modules
• Tinned copper interconnect for manufacture of solar cells or solar modules.

Andhra Pradesh Chief Minister N Chandrababu Naidu, whose Telugu Desam Party is a key constituent of the NDA 3.0 government, thanked PM Narendra Modi and FM Nirmala Sitharaman on Tuesday for including a comprehensive plan in the Budget 2024 to address issues faced by southern state post-bifurcation.

"On behalf of the people of Andhra Pradesh, I thank the Hon'ble Prime Minister, @narendramodi Ji and Hon'ble Union Finance Minister, @nsitharaman Ji, for recognising the needs of our State and focusing on a Capital, Polavaram, industrial nodes and development of backward areas in AP in the union budget of FY 24-25. This support from the Centre will go a long way towards rebuilding Andhra Pradesh. I congratulate you on the presentation of this progressive and confidence-boosting budget. #APBackOnTrack," Naidu posted on X.

His remarks came after FM Sitharaman, in his Budget 2024 speech in Lok Sabha earlier in the day, announced Rs 15,000 crore for the development of Andhra Pradesh's capital city this fiscal, addressing long-standing commitments under the Andhra Pradesh Reorganization Act. Sitharaman outlined a comprehensive plan that addressed key issues faced by Andhra Pradesh post-bifurcation.

Here is what she announced: Our government has made concerted efforts to fulfil the commitments in the Andhra Pradesh Reorganization Act. Recognizing the state’s need for a capital, we will facilitate special financial support through multilateral development agencies. In the current financial year Rs 15,000 crore will be arranged, with additional amounts in future years.

Our government is fully committed to financing and early completion of the Polavaram Irrigation Project, which is the lifeline for Andhra Pradesh and its farmers. This will facilitate our country’s food security as well.

Under the Act, for promoting industrial development, funds will be provided for essential infrastructure such as water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor. An additional allocation will be provided this year towards capital investment for economic growth.

Grants for backward regions of Rayalaseema, Prakasam and North Coastal Andhra, as stated in the Act, will also be provided.

The government has allocated Rs 42,277.74 crore to Jammu and Kashmir in the Union Budget for 2024-25, marking a 1.2% increase from the Rs 41,751.44 crore allocated in the previous fiscal. Finance Minister Nirmala Sitharaman presented the budget in the Lok Sabha on Tuesday. Of the total allocation, Rs 40,619.3 crore has been designated as Central Assistance to Union Territories to bridge the resource gap in Jammu and Kashmir. This includes Rs 7,900 crore as an advance from the Contingency Fund of India, which will be recouped after the Demands for Grants for 2024-25 are passed by Parliament and the Appropriation Act receives presidential assent.

The budget also earmarks Rs 279 crore for Jammu and Kashmir as grants towards the Union Territory Disaster Response Fund to address natural calamities. Additionally, Rs 130 crore has been allocated for the 624-MW Kiru Hydro Electric Project, and Rs 476.44 crore for the 800-MW Ratle Hydro Electric Project. Furthermore, Rs 500 crore has been provided for the Jhelum and Tawi Flood Recovery Project.

An allocation of Rs 171.23 crore has been made for the 540-MW KWR Hydro Electric Project, while Rs 101.77 crore is set aside to support capital expenditure for infrastructure projects in the Union Territory. Beyond the primary budget, the Centre has allocated an additional Rs 9,789.42 crore for the Jammu and Kashmir Police.

In Budget 2024-25, FM Nirmala Sitharaman encouraged states to lower stamp duty on property purchases, and also asked them to consider offering lower stamp duty rates for properties purchased by women.

"We encourage states that continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes," the Finance Minister said in her Union Budget speech.

PM Modi On Budget 2024: "In this Budget, the government has announced ‘Employment Linked Incentive scheme. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country's top companies under the apprenticeship program."

On Union Budget 2024-25, PM Narendra Modi says it will give "power to every section of the society..." "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...," the Prime Minister said in his post-budget address.

"I congratulate all my countrymen on this landmark budget, poised to propel our nation to unprecedented heights of progress. Finance Minister Nirmala Sitharaman Ji and her dedicated team deserve accolades for their tireless efforts. This visionary budget will uplift and empower every stratum of our society, paving the way for a brighter future for all," he said.

The Congress slammed the Union Budget 2024-25 on Tuesday saying the annual financial statement had nothing for the farmers, poor and youth, who have been suffering due to the policies of the Modi government over the past 10 years.

Speaking to ETV Bharat, Congress leader and Rajya Sabha MP Randeep Surjewala said, "It is a zero-sum budget which offers nothing for the farmers, poor and youth. These constitute around 60 percent of the population and have been suffering due to the policies of the Modi government over the past decade. They had high hopes that the budget 2024-25 will provide some relief to them. But there is no MSP guarantee or relief from debt or reduced cost of diesel and fertilizers for the farmers."

Finance Minister Nirmala Sitharaman on Tuesday proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent. In her budget speech in Lok Sabha, she also proposed reduction of basic customs duty on mobile phones, mobile charger to 15 per cent. She also made a provision for exemption of customs duty on 25 critical minerals.

The minister announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment. The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry. Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent.

On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics. She also said e-commerce export hubs will be set up in PPP (public private partnership) mode to enable MSMEs sell their products. Traditional artisans will sell products in international markets, she said. She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels.

Jewellery stocks surge after govt cuts basic custom duty on gold, silver: Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the government will reduce the basic customs duty on the yellow metal and silver to 6 per cent. On the BSE, the stock of Senco Gold zoomed 6.16 per cent to trade at Rs 1,000.80 apiece, Rajesh Exports surged 5.49 per cent to Rs 313.90 and PC Jeweller jumped 5 per cent to trade at Rs 74.16 -- also its upper circuit limit. In addition, shares of Titan Company climbed 3.66 per cent to Rs 3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79 per cent to Rs 140.20, and Kalyan Jewellers India gained 1.54 per cent to Rs 537.05 apiece on the bourse.

Gold futures tumble 5 pc after govt hikes STT on F&O

Gold prices plummeted by 5 per cent or Rs 3,702 to Rs 69,016 per 10 grams in futures trade on Tuesday after the government proposed to hike the securities transaction tax on futures and options trade. On the Multi Commodity Exchange, gold contracts for August delivery plunged Rs 3,702 or 5.09 per cent to Rs 69,016 per 10 grams in a business turnover of 12,397 lots. Silver prices also tumbled more than 5 per cent in futures. On the Multi Commodity Exchange, silver contracts for September delivery declined by Rs 4,704 or 5.27 per cent to Rs 84,499 per kg in a business turnover of 25,350 lots.

Finance Minister Nirmala Sithraman on Tuesday proposed to increase the rate of securities transaction tax (STT) on futures and options (F&O) trade to discourage retail investors' participation in the risky instrument. "It is proposed to increase the rates of STT on the sale of an option in securities from 0.0625 per cent to 0.1 per cent of the option premium, and on sale of a futures in securities from 0.0125 per cent to 0.02 per cent of the price at which such futures are traded," she said in the Union Budget speech for FY2024-25. (With PTI inputs)

In her budget 2024-25 speech, Finance Minister Nirmala Sitharaman announced a series of measures for development of Andhra Pradesh, including arranging Rs 15,000 crore this fiscal and in future years for development of the capital city of the state.

Here is what she announced: Our government has made concerted efforts to fulfil the commitments in the Andhra Pradesh Reorganization Act. Recognizing the state’s need for a capital, we will facilitate special financial support through multilateral development agencies. In the current financial year Rs 15,000 crore will be arranged, with additional amounts in future years.

Our government is fully committed to financing and early completion of the Polavaram Irrigation Project, which is the lifeline for Andhra Pradesh and its farmers. This will facilitate our country’s food security as well.

Under the Act, for promoting industrial development, funds will be provided for essential infrastructure such as water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor. An additional allocation will be provided this year towards capital investment for economic growth.

Grants for backward regions of Rayalaseema, Prakasam and North Coastal Andhra, as stated in the Act, will also be provided.

Internship in Top Companies: Finance Minister Nirmala Sitharaman in her Budget 2024 speech said that in order to provide on-job training to youth, the government will launch an internship scheme to provide opportunities to one crore youth in top 500 companies over the next five years.

Here is what the scheme entails:

• One crore youth to be skilled by India’s top companies in five years.
• Twelve months Prime Minister’s Internship with monthly allowance of Rs 5,000.
• Applicable to those who are not employed and not engaged in full time education.
• Youth aged between 21 and 24 will be eligible to apply.
• Cost sharing (per annum): Government to contribute Rs 54,000 towards monthly allowance (plus 6,000 grant for incidentals), Company to contribute Rs 6,000 from CSR funds towards monthly allowance.
• Training cost to be borne by the Company from CSR funds.
• Administrative costs to be borne by respective parties (for the
• Company, reasonable administrative expenses can be counted as CSR expenditure)
• Participation of companies is voluntary
• Applications through an online portal
• Company to select from a short list; short listing based on objective criteria with emphasis on those with lower employability
• Ineligible candidates (indicative list)
• Candidate has IIT, IIM, IISER, CA, CMA etc as qualification
• Any member of the family is assessed to Income Tax
• Any member of the family is a government employee, etc.
• Company is expected to provide the person an actual working experience on a skill in which the company is directly involved.
• At least half the time should be in actual working experience/job environment, not in classroom.
• In case the Company cannot directly do so, it must tie-up with:
• Companies in its forward and backward supply chain (e.g. suppliers or customers) or
• Other Companies/Institutions in its Group or otherwise
• Will be co-ordinated with State Government initiatives wherever applicable.
• Phase 1 of the scheme will be for 2 years followed by Phase 2 for 3 years

Finance Minister Nirmala Sitharaman introduced the Finance Bill in the Lok Sabha. The Budget Session has been adjourned till July 24, 11 am.

In a blow to investors, FM Sitharaman Tuesday said that long term gains on all financial, non-financial assets will attract a tax rate of 12.5 per cent, while short term gains on certain financial assets will attract tax rate of 20 per cent. In her presentation of the Union Budget for FY 2024-25, the FM announced several key tax changes impacting capital gains and trading activities. She declared a hike in the STT (Securities Transaction Tax) rate, increasing it from 0.01% to 0.02%. This increase effectively doubles the tax burden for equity and index traders involved in Futures and Options (F&O) transactions.

Following the same, stock market benchmarks Sensex and Nifty tanked as Sitharaman announced a hike in STT on F&O (Futures and Options) securities. The 30-share BSE Sensex jumped as soon as Finance Minister Nirmala Sitharaman began presenting the Budget for 2024-25. But, within minutes it slipped in the red and later plummeted 1,266.17 points to 79,235.91 during the afternoon trade.

Long-Term Capital Gains (LTCG): The tax rate on long-term capital gains for all financial and non-financial assets will rise from 10% to 12.5%. Additionally, the exemption limit for these gains has been set at ₹1.25 lakh per year.

Short-Term Capital Gains (STCG): The tax rate on short-term gains from certain financial assets will increase from 15% to 20%.

Union Finance Minister Nirmala Sitharaman says "Monetary limit for filing Tax appeals increased to Rs 60 lacs for ITAT, Rs 2 crores for High Courts and Rs 5 crores for Supreme Court...I propose to abolish the Angel tax abolished for all classes of investors. Corporate tax rate to be reduced on foreign companies from 40 to 35 per cent..."

On personal income tax rates in new tax regime, FM Sitharaman says, "For those opting for the new tax regime, the standard deduction for salaried employees to be increased from Rs 50,000 to Rs 75,000...Under new tax regime, tax rate structure to be revised as follows - Rs 0-Rs 3 lakh -Nil; Rs 3-7 lakh -5% ; Rs 7-10 lakh-10% ; Rs 10-12 lakh-15%; 12-15 lakh- 20% and above Rs 15 lakh-30%."

Customs Duty Proposals

• Customs duty on 3 more medicines to be fully removed, to provide relief to cancer patients
• Basic customs duty on mobile phone, mobile PCBA and mobile charger to be reduced to 15%
• 25 critical minerals to be exempted from customs duties & BCD on two of them to be reduced

FM Sitharaman says, "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."

Finance Minister Nirmala Sitharaman says, "Innovation Research and Development: We will operationlise the Anushandhan National Research Fund for basic research and prototype development. Further we will set up a mechanism for spurring private sector driven research and innovation at commercial scale with a financing pool of 1 lakh crore."

Finance Minister Nirmala Sitharaman says, "Vishnupad Temple at Gaya and Mahabodhi Temple at Bodh Gaya are of immense spiritual significance. Comprehensive development of Vishnupad Temple corridor and Mahabodhi Temple corridor will be supported and modelled on the successful Kashi-Vishwanath Temple corridor to transform them into world class pilgrim and tourist destinations. Rajgir holds immense religious significance for Hindus, Buddhists and Jains. The 20th Tirthankara Muniswarata Temple, the Sapta Rishi or seven hot springs form a warm water Brahmakunda that is sacred. Comprehensive development initiative for Rajgir will be undertaken. Our governemnt will support the development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature".

On free solar electricity scheme, Finance Minister Nirmala Sitharaman says, "PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it."

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

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

Finance Minister Nirmala Sitharaman says, "...Power projects including setting up of a new 2400 MW power plant at Pirpainti (Bihar) will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar government for external assistance from multilateral development banks will be expedited...Rs 20,000 Crore allocation for highways in the state...

FM Sitharaman announces internship programme for youth. One crore youth to get internship opportunities in top companies. Government to help them get a 12-month exposure in real life work situation. An internship allowance of Rs 5000 per month will be provided by the government along with a onetime allowance of Rs 6000 to each youth selected for this internship programme. Corporations are expected to utilise their CSR funds to train the youth.

ON MSMEs, Finance Minister Nirmala Sitharaman says, "For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger..."

Finance Minister Nirmala Sitharaman says, "Andhra Pradesh Reorganisation Act- Our government 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. Our government is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers."

FM Nirmala Sitharaman says, "On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. It will catalyse the development of the eastern region. We will also support the development of road connectivity projects: Patna-Purnea Expressway, Buxar-Bhagalpur Highway, Bodhgaya-Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for Rs 26,000 crores."

Finance Minister Nirmala Sitharaman says, "...One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth."

On Education loans, FM Sitharaman says, "Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions. The government will provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount."

FM Sitharaman begins speech: "The global economy is still in the grip of policy as political uncertainties and shipping disruption continue to post significant downside risks... In this context India's economic growth continues to be a shining exception and will remain so in the years ahead. Indian economy is stable and moving towards 4 per cent target...Steps tare being taken to ensure supply of perishable good reach market...As pointed out, we need to focus on 4 major castes, poor, women, youth and the farmer. For farmers, we announced higher minimum support prices a month ago, delivering atleast 50% margin over cost. PM Garib Kalyan Yojana has been extended for 5 years, benefitting 80 crore people. Required allocations have been made..."

Budget theme: "Turning attention to the full year and beyond, we focus on employment skilling, MSMEs and middle class. Happy to announce 5 schemes and initiatives to facilitate employment over a 5-year period. Central outlay of 2 lakh crore rupees will be made towards the same....Have made a provision of 1.48 lakh crore rupees for education, employment and skilling..."

Priorities: People have given a unique opportunity to take the country on path of development...We promised to pursuit a detailed roadmap...This budget envisages sustained efforts of the following 9 priorities for generating ample:

1. Productivity and resilience in agriculture.
2. Employment and skilling.
3. Inclusive human resource development and and social justice.
4. Manufacturing and services
5. Urban development
6. Energy security
7. Infrastructure
8. Innovation, research and development
9. Next generation reforms

Budget documents have arrived at Parliament Tuesday morning as Finance Minister Nirmala Sitharaman is set to present the full Union Budget 2024-25 shortly from now. As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025). Visuals showed key ministers of Modi 3.0 cabinet included Home Minister Amit Shah and Defence Minister Rajnath Singh arriving at Parliament.

Finance Minister Nirmala Sitharaman has arrived at the Parliament to present the first Budget in the third term of Modi Government. She was seen carrying the Budget tablet as she entered the Parliament building. Earlier today, Sitharaman called on President Droupadi Murmu at the Rashtrapati Bhawan. President Murmu extended her best wishes to the finance minister.

Finance Minister Nirmala Sitharaman on Tuesday called on President Droupadi Murmu before presenting the Union Budget for 2024-25. As per established tradition, the finance minister met the President at the Rashtrapati Bhawan before heading to Parliament. President Murmu extended her best wishes to the finance minister.

Benchmark indices -- BSE Sensex and Nifty50 -- started higher on Tuesday, ahead of the Union Budget 2024-25 presentation by Finance Minister Nirmala Sitharaman. The BSE Sensex was at 80,741, up 239 points or 0.3 per cent, while the Nifty50 stayed around 24,575, up 66 points or 0.27 per cent. The BSE MidCap and the BSE SmallCap indices were also up 0.3 per cent each.

Finance Minister Nirmala Sitharaman left the North Block offices of the Finance Ministry with a copy of the Union Budget 2024-25 and headed to Rashtrapati Bhavan to meet with President Droupadi Murmu, before she moves to the Parliament to present the budget. The Finance Minister along with her team posed for a photo opportunity along with the red 'Bahi Khatha' digital tablet before they left for Rashtrapati Bhavan.

Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets. The budget is likely to focus on changes in the income tax structure and improving the ease of doing business in India. Speaking to the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". The budget session of Parliament began on July 22 and, according to schedule, will end on August 12.

Finance Minister Nirmala Sitharaman reached the finance ministry on Tuesday morning ahead of her seventh consecutive Budget today. She is expected to present the Union Budget 2024-25 in Parliament at 11 am. This is the first Budget of the Modi government since the NDA came back to power for a third straight term. FM Sitharaman is set to surpass the record of former PM Morarji Desai as she presents her seventh straight budget. Desai presented five annual and one interim budget during his tenure as finance minister from 1959 to 1964. Earlier this year, Sitharaman had presented an interim budget months before the general elections. She was picked as Union Finance Minister in Modi's second term in 2019.

The Monsoon Session is scheduled to have 16 sittings and is likely to conclude on August 12. while the opposition is likely to corner the government on various issues, the session, according to Union Minister for Parliamentary Affairs Kiren Rijiju, will mainly be devoted to the financial business relating to the Union Budget for 2024-25.