Union Budget 2024 Highlights: Unprecedented Push To Jobs, Middle-Class Empowered Says PM Modi; Underwhelming, Says Congress

Finance Minister Nirmala Sitharaman will present Modi 3.0's first full budget today. From investors to commoners, the country is anticipating a favourable budget as the FM tries to boost the India growth story. All the live updates will be easy to follow on this live blog.

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India’s middle-class has high hopes from Modi 3.0’s 1^st budget. It is looking forward to get some tax relief from the finance minister Nirmala Sitharaman. Pre-election interim budget left them high and dry so this time around, the expectations are high.

On Monday, Nirmala Sitharaman presented India’s Economic Survey 2023-24 which pegged the country’s growth between 6.5 and 7 per cent. "The Indian economy is on a strong wicket and stable footing (and) demonstrating resilience in the face of geopolitical challenges. The economy has consolidated post-Covid recovery with policymakers - fiscal and monetary - ensuring economic and financial stability..." the report said.

Ahead of the budget 2024, the economic survey presented a rosy picture for India's Insurance sector claiming that India is poised to emerge as one of the fastest-growing insurance markets over the next five years. However, it added that "Prompt and reasonable settlement of insurance claims and a lower rejection rate are necessary to increase insurance penetration."

Read More: India Poised To Emerge As One Of The Fastest-Growing Insurance Markets

India's leading stock exchanges, NIFTY50 and SENSEX closed in red a day before the union budget. NIFTY50 closed just above the 24,500 level, down by 0.09 per cent, while the SENSEX was down by 0.13 per cent and ended at 80,502.80.

Budget 2024-25 is set to highlight India's financial roadmap under the Modi 3.0 regime. It will be presented in the Lok Sabha at around 11 am on 23rd July and will be live streamed on multiple platforms. You can can easily catch he latest updates of the Union Budget 2024 presentation and FM Sitharaman's budget speech on Outlook India and Outlook Business And Monet websites. It will also be available live on the Sansad TV, Doordarshan and their respective YouTube channels.

In her Interim Budget 2024 speech, finance minister Nirmala Sitharaman announced an 11.1 per cent rise in capex for the fiscal year 2024-25. FM allocated Rs 2,52,200 crore to the railways as gross budgetary support, supplemented by an extra Rs 10,000 crore from resources outside the budget.

Read More: What's on the Horizon for India's Railways Sector

On declining household savings rate but increase in savings in physical assets, Chief Economic Advisor (CEA) V. Anantha Nageswaran said, "...Household savings as estimated by the National Income Accounts only takes into account their purchase price but now how the market prices have evolved in the financial markets. Given that recently Indian households have been investing a lot in financial market, they feel that their financial assets have gone up much more than what the national income statistics are telling and that is why, they are able to use that as a basis to be able to borrow more financial loans and invest that in real assets. So, I think the households are acting only prudently."

On Union Budget 2024, DMK MP Kanimozhi NVN Somu said, "Tamil Nadu CM MK Stalin is expecting from the budget a fund release for the second phase of the Chennai Metro Rail Project... We also need funds for the Metro Projects in Madurai and Coimbatore- the next happening smart cities... I don't know how much our Finance Minister has catered to women in today's budget..."

Congress national president Mallikarjun Kharge says, "We have been making demands for farmers, poor, Dalits from the beginning. But this government works arbitrarily and does things for its own benefit. It can't do anything for the public. So, let the Budget come. What they are going to do in reality, what welfare measures they are going to provide - we hope that they provide package for backward areas. It is flooded everywhere, how much they will provide for the flood; roads are damaged everywhere. We will also see about issues of NEET and Defence..."

“The real estate sector is at a crossroads as the government readies itself to present the Union Budget (2024-25). Though it has massive potential, the housing industry still struggles with many hurdles,” says Akash Pharande, Managing Director at Pharande Spaces - a Pune-based real estate development firm.

Read more: Realty Sector Expectations From Govt To Push Affordable Housing

There is no denying the enduring inadequacy of defence budget, though its extent is debatable. In FY 2020-21, for example, the allocation went up by more than 13 per cent over the previous year’s outlay, but, according to a contemporaneous report of the Standing Committee on Defence, it was approximately Rs 1,03,535 crore less than what the armed forces had demanded.

Read More: Defence sector expectations from Budget 2024

TMC MP Saugata Roy says, "I have no expectations from the budget. I am not optimistic. I am very worried about the employment situation. What the budget will do to create employment is my principal question. The economy is in the doldrums. The government is unstable..."

Modi government is likely to introduce changes in the criteria and classification of middle income groups for beneficiaries of the Pradhan Mantri Awas Yojana (Urban) or PMAY-U. The changes are likely to be tabled in the parliament when the Union budget is presented today, media reported.

Read More - Modi 3.0 plans to re-introduce an interest subsidy, increase carpet area

Union Finance Minister Nirmala Sitharaman will table the Union Budget 2024-25 at around 11 AM today, for the record seventh consecutive time. But former PM Morarji Desai has presented 10 Union Budget six times consecutively while Congress Leader P Chidambaram has presented 9 Budgets.

Union Budget 2024 must prioritise sustainable worker welfare by operationalising the Code on Social Security 2020. The Government of India has the opportunity to utilise the announcement of Union Budget 2024 later this month to extend some of the existing social security schemes to gig and platform workers.

Read More: Government Must Begin Implementing Labour Codes from the Union Budget 2024 to Expedite Sustainable Worker Welfare

Separate tax benefits for term life and health insurance under Sections 80C and 80D would help address coverage gaps and enhance social security. Permitting full deductions for term life insurance premiums from taxable income, without reductions due to claims under other sections, would incentivize more individuals to invest in essential coverage.

Read More: Budget 2024: Life Insurers Advocate For Tax Deductions On Annuities And A Reduction in GST

Affordable and mid-income housing meets the urgent housing needs of the majority of LIG and the middle-class population. The Indian housing sector remained upbeat in 2024 for the better half of the year wherein housing sales and new launches created new peaks in the top 7 cities, according to a recent ANAROCK research. “This momentum must continue in the future too,” Puri says remarking that the current growth trajectory is skewed toward mid-range and premium housing.

Says Ashwani Dhanawat, executive director and chief investment officer, Shriram General Insurance Company: “We hope higher budgetary allocations to the insurance sector, which will enhance our ability to provide comprehensive coverage to a broader segment of the population. Extending the benefits under Section 80EEB for EVs beyond March 2023 will encourage more people to adopt eco-friendly transportation options and will further promote sustainable practices.”

Read More: Budget 2024: Extend Tax Incentives To EVs, Focus On Cyber Insurance, Say General Insurers

Platform economy that facilitates the exchange of goods and services (such as cabs, food delivery, and personal services) through digital platforms is barely a decade old now. Yet, it has expanded multi-folds, and has provided a source of livelihoods to millions of workers across the nation. The social security of workers is of utmost importance, and access must be provided to them as soon as possible. According to ILO, less than only 24.4% people in India are covered by at least one social security benefit. Thus, there is also a need to increase the overall social security coverage in India.  

Read More: Government Must Begin Implementing Labour Codes from the Union Budget 2024 to Expedite Sustainable Worker Welfare

Balwant Jain, tax and investment expert, says that with the skyrocketing prices of real estate, it has become almost impossible for a young couple to buy house of their own without taking a home loan. The average ticket size of home loan has also gone up steadily in the past.

"On realistic basis the amount of home loan required to be taken has multiplied many times over the years due to skyrocketing prices of real estate. In some of the cases mandatory items like school fee, contribution towards employee provident fund and premium for life insurance policy themselves exceed the limit of Rs. 1.50 lakhs and thus crowding out the amount of principal repayment of home loan for which the tax payer cannot claim any deduction," he adds.

Read More: Budget 2024: Govt Needs To Introduce A Separate Section For Repayment Of Home Loans, Here’s Why

Sensex opens in green; currently up by 229.89 points, trending at 80,731.97 on the day of the Union Budget presentation.

Suneel Dasari, founder and CEO of EZTax.in, a tax filing platform said, “We are anticipating that Budget 2024 will declare the complete implementation of the new tax regime and the sunset of the previous tax regime, thereby facilitating tax compliance easier. It is also expected to increase the income tax rebate under the new tax regime to Rs 30,000 in order to make the taxable income tax-free up to Rs 7.5 lakh (currently set at Rs 7 lakh in Budget 2023).”

Read More: Budget expectations of salaried taxpayers

AAP MP Sandeep Pathak says, "Delhi's share of financial assistance should increase... The funds supposed to be allotted to the Punjab government that has been put on hold, need to be released... A 10-point agenda needs to be made to address the issue of unemployment." (ANI)

DMK leader TKS Elangovan says, "First ten years what they had done, they will continue because Nirmala Sitharaman is presenting her 7th budget. But all the six budgets earlier presented by her had so many promises which were not fulfilled so far. Their budget exercise is only for some of the rich people in this country not for the poor people. The NSSO had several times stated that the domestic consumption hunt had gone down. Domestic consumption of the poor people, BPL family people and the middle-income people have gone down. They could not purchase anything. But this government had waived loans for very rich people, thousands of crores. They need money to support the rich people who have failed in their industrial process. That is what this budget is for and this government is for..."

Uttar Pradesh Finance Minister Suresh Kumar Khanna says, "We expect that this budget will be proven to be a milestone in the journey of Viksit Bharat. The economic survey that was presented yesterday made it clear that our growth rate has increased to 8.2 which was 6.5, earlier; the employment rate has decreased and all our economic activities have strengthened. The budget that'll be presented today, will benefit Uttar Pradesh as well..." (ANI)

Do you know when you buy a health insurance policy, you have to pay a GST of 18 per cent on the premium amount? Yes, that’s correct and the 18 per cent tax makes health insurance more and more costly for seniors as their premiums is already higher due to old age. Removing the GST from health insurance will make it affordable for a large section of people who currently can’t afford it due to high premiums.

Read More: Budget 2024: What Govt Can Do For Ease Of Senior Living—4 Things To Know

Finance Minister Nirmala Sitharaman has reached Rashtrapati Bhavan to meet on President Murmu ahead of Budget presentation at 11am in Lok Sabha.

On Union Budget expectation, Kisan Mahapanchayat president Rampal Jat told ANI, "India is primarily an agricultural country and its budget should also be agriculture-centric. The Economic Survey also says that agriculture should be the focus. 5 trillion dollar economy can be achieved. The day the farmers get the right price for their crop produce, water for their fields, export-import policies are in favour of the farmers, crop produce isn't sold at a loss, this will give wings to the economy..."

There has been a growing awareness about ‘insurance’, which is a protection solution critical for financial security. Indians being savings-driven, need to be encouraged to invest in protection through various policy measures. Experts say that ‘tax incentives’ are one such tool to usher this trend.

Read More: Insurance sector and pension product expectations

Defense Minister Rajnath Singh, Union Minister Prahlad Joshi and Home Minister Amit Shah reach Parliament building ahead of the presentation of Budget 2024 in Lok Sabha Today.

Ahead of Union Budget presentation, Congress MP K Suresh says, "The previous budgets were anti-people. The Economic Survey also says that they (govt) are not listening to problems like price rise and unemployment faced by the poor. The common man is not getting any benefits from the Budget. The Modi govt is always protecting the corporates."

Union Minister Gajendra Singh Shekhawat arrives at the Parliament ahead of the Budget presentation.

He says "The resolution of PM Modi's government since 2014 is that India should become self-reliant and the way the country is moving ahead in this direction in a systematic manner, this time too the budget has been announced in the same format..."

On Union Budget, Congress MP Gaurav Gogoi says, "The PM through the Budget will help the 'crorepatis' who are close to him. The middle class and the sincere taxpayers will not get anything except hollow promises."

AAP MP Sanjay Singh says, "In the last 10 years, crores of Indians are suffering from inflation. Everyone will see what is done to curtail inflation. Farmers have been demanding MSP for a long time now... NDA allies are also demanding to revoke the Agniveer Scheme... Employment, MSP, and inflation will be the major areas where the main focus will be... I can leak the budget of Delhi now. For the last 9 years, Delhi has not been receiving more than Rs 325 crores for the sole reason that the people of Delhi elected AAP..."

Union Cabinet headed by PM Modi meets in Parliament to approve the Union Budget ahead of its presentation by Finance Minister Nirmala Sitharaman.

One of the key deductions which may see some trimming this year could be, the deduction available for donations made to political parties. As per the Act, donations to certain funds and charitable organizations (except to eligible funds and organizations) are already capped at 10% of the adjusted gross taxable income of the taxpayer while computing the allowable deduction. However, there is no such limit on the deduction for donations made to political parties. Donations made to political parties may be brought under a similar capping. Further, one may also see an overall monetary cap (of say, up to INR 500,000) on all donations made during the financial year, in the current Budget.

Read More - How Budget Might Impact Deductions, Credits

Ahead of the Parliament session, the Union Cabinet led by PM Narendra Modi has approved the Union Budget for 2024-25. Copies of the Union Budget 2024 have been brought to the Parliament, ahead of presentation of first budget of Modi government in its third term.

Congress MP Manickam Tagore says, "We all know that PM Modi's government for the past ten years has worked overtime for the big rich people. We can see that Adani has jumped to number 2 from 609 in the world ranking. This government works for the big corporates and they forgot about the 80 crore odd poor people who still live below the level of livelihood, who depend upon rations every day. It shows that the government for the past ten years has been on that route to make richer, richer and keep the poor, as poor. We hope that this budget starts thinking about the poor people. The majority of the poor Indians still believe that the government which has lost its majority from 303 to 240, and hence will work for the poor."

Congress MP and LoP in Lok Sabha, Rahul Gandhi reaches Parliament ahead of Union Budget presentation by Finance Minister Nirmala Sitharaman in Lok Sabha.

Benchmark equity climbed in early trade on Tuesday ahead of the Budget 2024 presentation as investors' sentiment turned buoyant amid foreign fund inflows and a rally in the US peers. At opening, the BSE Sensex climbed 264.33 points to 80,766.41, and the NSE Nifty50 rose 73.3 points to 24,582.55.

Read More: Markets react before union budget

FM Sitharaman has started presenting Modi 3.0's first budget in Lok Sabha. This is her 7th consecutive Budget speech.

People of India have posted faith on the leadership of PM Modi, grateful to people of India for their trust in our policies. FM Talks about global political and shipping disruptions. Inflation continues to be low.

FM Sitharaman says that Modi govt focuses on four castes, viz., Gareeb (poor), mahila (women), yuva(youth) and annadata(farmers). "As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer/ For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people."

1. Productivity in agriculture

2. Employment and skills

3. Inclusive HR development and social justice

4 Manufacturing

5 Urban development

6 Energy

7 Infrastructure

8 Innovative Research

9 Next Generation

One crore farmers to be initiated into natural farming. Self-sufficiency to be achieved in oil seed production. Promote farmer producer organizations and start-ups.

Finance Minister Nirmala Sitharaman says, "India's economic growth continues to be the shining exception and will remain so in years ahead. India's inflation continues to be low and stable moving towards the 4% target..."

Finance Minister Nirmala Sitharaman says, "I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling..."

"New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding..."

Finance Minister Nirmala Sitharaman says, "This year the allocation for agriculture and allied sectors is Rs 1.52 lakh crore."

Finance Minister Nirmala Sitharaman says, "Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers. "

On Education loans, FM Sitharaman says, "Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions."

FM Announced that 3 crore additional houses will be constructed in rural and urban areas of the country and necessary allocations are being made.

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."

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 easter 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, "Andhra Pradesh Reorganisation Act- Our govt 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."

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..."

National Cooperation policy to promote the systematic growth of the cooperative sector and has allocated Rs 1.5 lakh to Rs 2 lakh crore to the agriculture and allied sectors. Announced three schemes related to employment-linked incentives have been announced as part of the Prime Minister's package. Based on enrollment in the EPFO, targeting first-time employees, and providing support to both employees and employers. One month's wage will be DBT to all workers in the formal sector in three installments, totaling up to Rs 15,000.

a) DBT Transfer up to ₹15,000 1 month wage to all new employees joining EPFO in 3 installments

b) Job creation in manufacturing: 30 lakhs youth and their employers to be benefitted

Finance Minister Nirmala Sitharaman says, "...Power projects including setting up of a new 2400 MW power plant at Pirpainti 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 Govt for external assistance from multilateral development banks will be expedited...Our govt 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 govt is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers."

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..."

Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited said, "EPFO finds a place in the 2024-25 budget, and probably its function is also linked to education and employment. Therefore, this ₹1.48 lakh crore along with the ₹3,000 monthly reimbursement scheme becomes a massive public investment in human resources. This approach finds a comfortable place in the globally practiced integration of social security with skill development. Coupling the EPFO contribution to new employment, the Government would be using Social Security measures as a lever for job creation. Result-oriented continuation of Schemes of Interim Budget will hint that perennial vision exists towards Workforce Development, which must in principle proceed to address fundamental challenges like Youth Unemployment and Underemployment. This policy therefore creates a win-win situation for both employers and employees, possibly leading to accelerated economic growth and improvement in the overall quality of employment in India through increased participation in the formal sector."

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 up to 10 lakhs for higher education in domestic institutions"

Presenting Union Budget, Finance Minister Nirmala Sitharaman says, "The Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000."

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 up to 300 units each month. This scheme will further encourage it."

Scheme to support development of 100 weekly haat of street food hubs in select cities.

On development of small and modular nuclear reactors in the country, FM Sitharaman says, "The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy..."

Finance Minister Nirmala Sitharaman says, "Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4% Vof our GDP...Private investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies..."

Finance Minister Nirmala Sitharaman says, "Integrated technology platform will be set up for improving the outcomes under Insolvency & Bankruptcy Code. Debt recovery tribunals will be strengthened & additional tribunals will be established to speed up recovery."

NPS Vatsalya scheme announced by the FM. NPS issue will be resolved while maintaining fiscal prudence.

Finance Minister Nirmala Sitharaman says, "PM Gram Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural habitats...Bihar has frequently suffered from floods. Plans to build flood control structures in Nepal are yet to progress. Our government will provide financial support with an estimated cost of Rs 11,500 crore...Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance..."

Finance Minister Nirmala Sitharaman says, "The government endeavours to maintain strong fiscal support for infrastructure over the next 5 years. Capital expenditure to be Rs 11,11 lakh crore at 3.4% of our GDP."

Union Finance Minister Nirmala Sitharaman says "Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches."

Finance Minister Nirmala Sitharaman says, "Fiscal deficit 2024-25 is estimated at 4.9% of GDP. The aim is to reach the deficit below 4.5%. "

On Mobile phone industry, FM Sitharaman says, "I propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%."

Union Finance Minister Nirmala Sitharaman says "Powering Innovation, Research & Development: Anusandhan National Research Fund will be set up for basic research and prototype development. Financing pool of Rs 1 lakh crore to spur private sector-driven research and innovation at commercial scale will also be done."

Former CM and RJD leader Rabri Devi says, "... Murders and thefts are happening in the state. Labourers are not getting their wages. Youth are not getting employment and farmer issues persist... Rs 26000 crore allotted to Bihar is a 'jhunjhuna'."

FM Nirmala Sitharaman announces two tax exemption regimes on charity are to be merged. During her Budget speech, 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."

Union Finance Minister Nirmala Sitharaman says "A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date..."

0-3 Lakh : Nil

3-7 Lakh : 5%

7-10 Lakh : 10%

10-12 lakh : 15%

12-15 lakh : 20%

Above 15Lakh : 30%

Salaried employees in the new tax regime will save up to Rs 17,500 in income tax.

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: Finance Minister Nirmala Sitharaman said. Deduction on family pension raised from 15,000 - 25,000 which will give relief to 4 crore pensioners.

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..."

As Union Finance Minister Nirmala Sitharaman presented the Union Budget, the Indian stock market dropped significantly, with the S&P BSE Sensex declining by over 850 points and the NSE Nifty 50 falling by over 300 points to 24,200.

On personal income tax rates in new tax regime, FM Sitharaman says, "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%."

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..."

Regional Chairman of Council for Leather Exports (CLE), Motilal Sethi says, "Our company is generating employment, and we have seen good things have come up for both - employees and employers, in budget. Skill development was also mentioned which is much needed. Our industry is labour intensive and hence growth will be there. The finance minister has also provided exemptions on import duty, which will be very helpful. Our growth pattern has increased. The budget is overall good for the leather industry. Inclusiveness is there in the budget. The employment issue that persists in common people has been touched and that'll be good for our economy as well."

Short term gains on certain financial assets shall henceforth attract a tax rate of 20 per cent, while that on all other financial assets and all non-financial assets shall continue to attract the applicable tax rate.

Long term gains on all financial and non-financial assets, on the other hand, will attract a tax rate of 12.5 per cent. For the benefit of the lower and middle-income classes, I propose to increase the limit of exemption of capital gains on certain financial assets to ₹ 1.25 lakh per year.

Listed financial assets held for more than a year will be classified as long term, while unlisted financial assets and all non-financial assets will have to be held for at least two years to be classified as long-term.

Unlisted bonds and debentures, debt mutual funds and market linked debentures, irrespective of holding period, however, will attract tax on capital gains at applicable rates.

Sidhharrth S Kumaar, Founder & Chief Happiness Officer, NumroVani said, "The focus is on employment linked incentive like DBT for first time employee, internship bonus and abolishment of angle tax will spur new growth in employment generation. Axing of angel tax would lead to new boost in angel investing by new investors as well and it will emerge as new investment class widely. The focus on spiritual tourism is going to hidden gem and will spur new growth opportunities in local economy and formal and informal job creation."

Congress MP Manickam Tagore says, "This Budget has more or less copied the Congress manifesto... The important thing is about the Yuva Nidhi scheme... This government has announced it as Rs 5000 per youngster who will be in the apprenticeship. It shows that this government has copied the ideas of Rahul Gandhi... The 'special category' for Andhra Pradesh has been denied. They are giving a lollipop to Andhra Pradesh..."

On Union budget 2024. Congress MP Shashi Tharoor says, "It is an underwhelming budget. I didn't hear anything about the key issues facing the common man. There is no mention of MNREGA, and insufficient mention of steps taken to improve the income of a common person. We have seen far too little from govt on addressing income disparity. On job creation, a token gesture was made. I welcome only one provision which is abolishing of tax on angel investors. I had recommended it to Arun Jaitley more than 5 years ago."

On Union Budget, Hero MotoCorp's chairman, Pawan Munjal says, "Wide-ranging areas have been covered in this Union Budget. Special focus on the development of the eastern region, startups and programs for employment generation are good."

Union Minister Kiren Rijiju says, "... This is a dream budget for all sections especially for youth and women... Capital expenditure of more than Rs 11 lakh crore has been allocated... Announcements for Bihar, Jharkhand, West Bengal, Odisha, Andhra Pradesh, and North-East will give a boost to the economy of Eastern India... Announcements for skilling and employment generation are historic... Support schemes for women are appreciated... Banking services in the northeast have been taken care of. Financial mainstreaming of the northeast will be done... PM Modi's dream of Viksit Bharat by 2047 is clearly reflected in the budget... If the opposition has criticised the budget means it is a very good budget... All sectors have been covered and it is a growth oriented budget... You can see the tax rebates for the middle class... Bihar's floods are not limited to Bihar, they are an issue of the country... Why is the opposition rattled at the grants given to Andhra Pradesh."

A total of 30 million houses will be constructed under the Pradhan Mantri Aawas Yojana in the rural and urban areas, for which the government has allocated a sum of Rs 10 lakh crore, Union Minister of Finance Nirmala Sitharaman told Parliament in her Budget Speech for FY 2024-25.

Read More: Budget On Pradhan Mantri Aawas Yojana

“Our government will implement the following three schemes for employment-linked incentive as part of the Prime Minister’s package — enrolment in the Employees’ Provident Fund (EPF), focus on recognition of first-time employees, and support to employees and employers scheme,” Sitharaman said in her Budget Speech for FY 2024-25.

Read More: Three schemes for employment-linked incentive

Post Budget 2024: Union Minister Giriraj Singh says, "This budget is a balanced one, having four pillars- women, youth, farmers, and poor. 'Bihar mei bahaar hai, NDA ki sarkaar hai'. Bihar has been given a super-package."

Salaried taxpayers will have something to cheer about from Union Budget 2024-25. Union Minister of Finance Nirmala Sitharaman announced an increased in the standard deduction limit by Rs 25,000 from Rs 50,000 to Rs 75,000, while announcing new changes in the new tax regime.

Read More: Budget 2024-25: Standard Deduction Raised To Rs 75,000 From Rs 50,000 Under New Regime

The Indian stock market crashed on Tuesday as the government proposed to raise the tax on capital gains and on trading derivatives. The BSE Sensex plunged by over 1,000 points to fall below the 80,000 level, while the NSE Nifty 50 was trading at 24,300 around 500 points below its 52-week high of 24,854.80.

Read More: Sensex, Nifty Crash as FM Announces Hikes on Capital Gains Tax

On Union Budget 2024-25, PM Modi says, "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."

Praising the union budget, PM Narendra Modi said that it empowers middle class and all others sections of the society. "Budget gives unprecedented push to jobs," Modi said.

It is proposed to allow credit of Tax Collected at Source (TCS) while computing the amount of tax to be deducted on salary income. This is a welcome move as it will benefit employees of MNCs who participate in stock incentive benefits of foreign parent company, and were required to pay 20% TCS at the time of making payment for acquisition of shares, says Poorva Prakash, Partner, Deloitte India

New tax regime has been made further attractive for salaried employees through 2 key changes - Change in the tax slabs & increase of standard deduction from 50,000 to 75,000. At income of 15 lakhs, this results in tax saving of 17,500 plus education cess of 4%, says Poorva Prakash, Partner, Deloitte India

Andhra Pradesh CM N Chandrababu Naidu tweets "On behalf of the people of Andhra Pradesh, I thank the PM Modi and Union Finance Minister Nirmala Sitharaman, 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..."

Union Minister Chirag Paswan says "We demanded that we should be given a special package and I want to thank PM Modi and FM Nirmala Sitharaman for providing special packages to the state. As Bihari, I am extremely happy and in this Budget, announcements have been made to build bridges, medical colleges, airports...This Budget will improve the infrastructure as well as the economy of the state..."

On allocation for Bihar in Union Budget2024, Bihar CM Nitish Kumar says, "...I have continuously spoken for this (special status), I told them as well (NDA). I told them to give us either a special status or a special package...As a follow-up, they have announced aid for a lot of things...We were speaking of special status and a lot of people said that the provision for special status has been done away with much earlier. So, instead of that, aid should be given for helping Bihar. They have now started it..."

Union Minister-BJP national president JP Nadda says, "The first Union Budget for 2024-25 in the third term of Narendra Modi government stands as a testament to India's commitment to inclusive growth, sustainable development and economic resilience. This visionary budget not only addresses the immediate needs of the nation but also lays down a robust framework for long-term prosperity, prioritizing infrastructure development, technological innovation and social welfare. It paves the way for a more prosperous and equitable India. The budgets, forward-looking policies and strategic investments are poised to accelerate growth, create jobs and enhance the quality of life for all citizens. This budget is a significant step towards realizing the aspirations of a dynamic and self-reliant India. I congratulate Narendra Modi, and I congratulate the Finance Minister and team for giving a budget which is focused on Gaon, Garib, Mahila, Yuva, Dalit, and Adivasi. This budget serves the aspirations of all sections of the society. This budget speaks of the economic and financial stability of India. It also demonstrates how resilient the Indian economy is to the external challenges in this budget...."

On Union Budget2024, West Bengal CM Mamata Banerjee says, "Directionless, anti-people, no vision, only political mission is there. I don't see any light, it is dark...They make tall claims and make promises during elections. But after they get votes, they forget Darjeeling, Kalimpong...People in the hills of Darjeeling should remember this. Let Sikkim get things, we have no objection but keeping Darjeeling deprived is not right...This Budget is anti-people, anti-poor and not for the common people. This is a Budget to appease one party. This is a Budget full of political biases."

"Our intention is - simpler tax regime. Cannot say whether there will be a sunset on the Old Tax Regime. Decision after a review": Finance Minister Nirmala Sitharaman after presenting Budget 2024

Congress leader P Chidambaram says, "I have already tweeted that I am happy that the Finance Minister had an opportunity to read the Congress’ Manifesto after the LS 2024 elections. She has virtually adopted the ideas underlying our proposals on the Employment-linked Incentive (ELI) scheme, the Apprenticeship Scheme with an allowance to the Apprentice, and the abolition of the Angel Tax. I wish she had adopted many more ideas from the Congress Manifesto. The response of the government on unemployment is too little and will have only little impact on the grave unemployment situation. The claim that the schemes announced by the FM will benefit 290 lakh persons is highly exaggerated...Inflation is the other major challenge. WPI inflation is 3.4 per cent, CPI inflation is 5.1 per cent, and food inflation is 9.4 per cent....The Economic Survey dismissed the issue of inflation in a few short sentences. The FM dismissed it in ten words in para 3 of her speech. We deplore the casual attitude of the government. And nothing in the Budget Speech gives us the confidence that the government will seriously tackle the issue of inflation."

On Union Budget204, Telangana CM Revanth Reddy says, "Sabka Saath, Sabka Vikas slogan is bogus. This budget looks like 'Kursi Bachao Budget'. Apart from Bihar and Andhra Pradesh, Centre’s behaviour against other states looks like the PM is trying to save his chair. Telangana has given 35% votes to BJP and 8 Parliament seats."

On 12.5% tax on long-term capital gains, Union Finance Minister Nirmala Sitharaman says, "...We wanted to simplify the approach to taxation - also for the capital gains. Second, if anything, the average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes...The point that we brought it down from below the average to 12.5% encourages investment in the markets..."

On Union Budget2024, former NITI Aayog CEO and G20 Sherpa Amitabh Kant says, "Very progressive, very pragmatic and a very forward-looking budget. It lays the roadmap for the next 3 decades...But India also has to create jobs, so this Budget really focuses, the high key point of this Budget is employment creation. Employment creation not through specific schemes of employment alone but also through sectors like tourism, through MSME, through startups, through the space sector - all these sectors and good quality jobs will greatly get created by the focus on urbanisation, new industrial corridors, the growth centres, the 100 cities where the new industrial paths will be created. All these will be drivers of growth...I look at the Budget in its totality, because you can't break it into lower-middle class or upper-middle class. The budget is beneficial to middle class because they get benefit of Rs 17,500 from a tax viewpoint. But the budget should not be looked at only from the benefit of tax. The budget should be looked at in terms of the growth of the economy. If India grows, the middle class grows. If India grows, the middle class benefits. So, this budget will make India grow and the middle class benefit."