Back in February this year, Nirmala Sitharaman had presented the interim budget just before the Lok Sabha elections.
On July 22, the Centre presented the Economic Survey 2023-24.
Meanwhile, as Sitharaman gets ready to present the Budget, do read this analysis of the Union Budget since 1947
Also, here is a reading list on India's budget process and past presentations:
The Economic Survey admitted that core inflation remains sticky. India’s first budget offered eerie parallels with the situation today.
Look at Down To Earth’s chief cartoonist, Sorit Gupto’s key takeaways from the Economic Survey released yesterday.
With rising inflation and middle-class expectations, will minister Sitharaman be able to do a balancing act? Join us as we put an environmental and developmental lens on the budget as it happens at 11 am.
Budget 2024-2025 will be one to boost consumption. It is expected to propose steps to increase cash-in-hand as wage rates are stagnant and unemployment is high.
What to expect from the Budget: A major package for "green transition" is expected that would not just help in transitioning to a low carbon regime but also boost employment generation.
What to expect from Budget: Sources say the Budget may propose a new insurance scheme for rural/agrarian communities. There may be repurposing of rural development schemes.
What to expect from Budget: Schemes / programmes covering basic necessities like water, housing and education have "saturated". It is expected that the Budget may just bring in reforms to further target the beneficiaries; it could be another cash transfer scheme.
Finance Minister opens her Budget speech with reference of inflation. She separates "overall inflation" from food inflation.
The Economic Survey also made this pitch.
A new economic policy framework to be declared shortly by the finance minister
Rs 1.48 lakh crore for education, employment and skilling announced.
FM: 109 new high-yielding climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.
FM: Focus will be on productivity and resilience in agri, transforming agri research
Budget to prioritise vegetable production and supply chains, says the Finance minister
Nirmala Sitharaman: Digital crop survey for kharif season in 400 districts, details of 6 crore farmers will be brought into farmer and land registry
FM announces national cooperation policy for systematic, orderly and all round development of the cooperative sector
Productivity and resilience in agri
Employment and skilling
Social justice
Manufacturing and services
Urban development
Energy security
Infrastructure
Innovation, research, and development
Next generation reforms
Subsequent budgets will build on these.
Govt committed to inclusive human development: Sitharaman
PM Jan Jati Unnati Abhiyan to benefit 5 crore tribals
AP Reorganisation Act: Special financial support through multilateral development agencies in current FY, Rs 15,000 crore will be arranged with additional amounts in the future year
50 million tribals in 63,000 villages to be supported in a new village development programme
FM announces a slew of benefits — packaged as Prime Minister’s deal for youth and farmers — offered to new employees and farmers. First-time employees to get cash transfer
New airports, medical colleges, and sports infra in Bihar will be constructed.
Internship scheme/opportunities in top 500 companies to over 1 crore youth for one year
Offshore mining of minerals — Auction for mining blocks will be held building on exploration already carried out
Government to come out with energy transition pathway, announces finance minister during her budget speech.
Pumped storage policy will be brought out for electricity storage and facilitating smooth integration of renewable energy in the overall energy mix: Sitharaman
A roadmap for hard-to-abate industries from energy efficiency targets to emission targets will be formulated: Sitharaman
Nuclear energy is expected to form a significant part of the energy mix. Centre will partner with private companies. The focus will be on Bharat small reactors, research and development of small modular reactors, R&D of newer nuclear technology: Minister
Innovation, research and development: Government will operationalise ANRF, announced by it to fund and regulate research
Centre will set up venture capital of Rs 1,000 crore to expand India's space economy by 5 times: Sitharaman
Priority 9 (next generation reforms) will include land-related reforms in rural and urban areas: Sitharaman
Government will develop a taxonomy for climate finance to help the country achieve climate commitments and green transition: Sitharaman
A joint venture between ntpc and bhel -- 800 MW commercial plant to be set up using Advance Ultra Super Critical (AUSC) technology. Government will provide fiscal support, FM announces
Assignment of Unique Land Parcel Identification Number or BHU-Aadhaar
Digitisation of cadastral maps
Establishment of land registry
Linking with farmers registry
Cancer: Government proposes to exempt 3 more medicines rom customs duty
Budget estimates 2024-25: Customs duty on 25 critical minerals exempted
Customs duty on mobile phones, related parts reduced by 15%: FM
Duty on telecom equipment hiked.
Custom duty hiked on plastic.
Long-term capital gains tax hiked from 10% to 12.5%: Finance Minister
Standard deduction increased from Rs 50,000 to Rs 75,000 under new tax regime
Rs 0-3 lakh: Nil
Rs 3-7 lakh: 5%
Rs 5-7 lakh: 10%
Rs 10-12 lakh: 15%
Rs 12-15 lakh: 20%
Above 15 lakh: 30%
The Union Minister of Finance, Nirmala Sitharaman, presented her seventh budget today. It was also the first budget of Modi 3.0. Here are the key highlights: