Live Updates and discussion on Union Budget 2024-2025

#Budget2024 Nirmala Sitharaman set to present her historic 7th Budget 

Budget theme this year on 5 factors: Employment, skilling, MSMEs and middle class.#FinanceMinister

As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer.

For farmers:

1. Higher Minimum Support Prices (MSP) for major crops, ensuring at least a 50% profit margin over costs.
2. Extension of PM Garib Kalyan Anna Yojana for 5 years, benefiting over 80 crore people.#UnionBudget2024

1 crore farmers to be initiated into natural farming over 2 years.#FM

FM Sitharaman announces Budget 2024 priorities

Focus On 9 Priorities:

• productivity and resilience in agriculture, 
• employment and skilling, 
• inclusive human resource and development, and social justice, 
• manufacturing services, 
• urban development, 
• energy security, 
• infrastructure, 
• innovation and research and development, 
• next generation reforms

India’s inflation continues to remain low, stable and moving towards the 4% target, while core inflation is at 3.1 per cent. 
Core inflation is a measure arrived at by subtracting the prices of fuel and food.#UnionBudget2024 

New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.#Budget2024

PM Package of 5 schemes to be announced to facilitate employment and skilling at Rs 2 lakh crore #FM

Skilling loans: model skill loans schemes for up to 7 lakh rupees will benefit 25,000 students every year.#FinanceMinister

Financial support for loans of up to 10 lakh for higher education at domestic institutions to be given directly to 1 lakh students every year for annual interest subvention of 3% of loan amount.#FinanceMinister

Tax Revenue:
• The Interim Budget projects gross tax revenue at ₹38.31 lakh crore for 2024-25, reflecting an 11.46% growth over the previous fiscal year.

• This includes ₹21.99 lakh crore from direct taxes (personal income tax and corporate tax) and ₹16.22 lakh crore from indirect taxes (customs, excise duty, GST).

GST:
• Goods and Services Tax (GST) collection for 2024-25 is estimated to rise to ₹10.68 lakh crore, an increase of 11.6 per cent.

Benefits for new and additional employment to propel growth. 

Three schemes are being announced which include 1 month wage upto 15,000 for first time employee with salary upto Rs.100,000. 

Benefit will disbursed in three Installment.#UnionBudget2024

The Finance Minister announced that increasing the participation of women in the workforce will be a priority. This will be facilitated by setting up hostels and creating partnerships to organize women-specific skilling programs. #UnionBudget2024  

The request from Bihar government for external assistance from multilateral development banks will be expedited.
Four expressway and bridge projects worth ₹ 26,000 crores for Bihar.#FinanceMinister