DTE’s live coverage of Budget 2024-25

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

New slabs

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%