Date: July 23, 2024
11:04 AM: India’s economic growth continues in the light of recent global inflation. The country’s inflation is currently at 3.1% and moving towards 4% steadily.
11:06 AM: Higher minimum support prices. 50% margin over cost for all major crops.
11:07 AM: Provision of ₹1.48 Lakh Crores made for education.
11:07 AM: Prime Minister’s five Schemes for 1.5 crore youth worth has been successful.
11:11 AM: The government will undertake a comprehensive review to develop climate-resilient farming. 32 field and horticulture crops will be released by farmers. In the next two years, 1 crore farmers in the country will be initiated into natural farming with certifications.
11:12 AM: Missions for pulses and oil seeds - mustard, groundnut, sesame, soybean, and sunflower, to be initiated.
11:13 AM:
Large scale clusters of vegetable productions. Supply chains, collection, storage, and distribution of the produce to be supported by the government.
Kissan credit cards will be enabled in five states.
Shrimp production and nucleus breeding centres will be provided. Financing for shrimp farming and export will be facilitated by the central government.
11:14 AM:
11:15 AM:
Scheme A: First timers. This scheme will provide 1 month wage to the workforce in all formal sections.
Scheme B: Job creation will incentivise first time employees. Will be provided to both employee and employer with respect to the EPFO contribution. Expected to support 13 lakh youth.
11:16 AM: Scheme C: Expected to benefit up to 30 lakh youth and provide additional employment across industries. This scheme aims to provide employers with reimbursement of up to ₹3,000 per month for the next two years for every additional employee’s EPFO contribution.
11:18 AM: Education loan of up to ₹10 Lakh for higher education in domestic institutions to be given. E-vouchers will be given to 1 lakh students every year. Covers up to 3% of the loan amount.
11:20 AM: Credit guarantee schemes for MSMEs for purchase of machinery and equipment without collateral or third party guarantor will be introduced.
11:21 AM: Plan to be developed for the all-round development for several states. This will be done with a focus on infrastructure.
11:22 AM: Road development projects to be undertaken for several regions for a cost of ₹26,000 Crores.
11:23 AM: Vikasit Bharat - Development of the eastern region of the country, including Assam, Jharkhand, and Orissa. Government to develop infrastructure and offer economic opportunities.
11:24 AM: Support for capital investments will be provided. Help from banks to the Bihar state government will be expedited as requested.
11:25 AM: Government to facilitate special financial support through multilateral agencies in this fiscal with ₹15,000 Crore to Amravati, Andhra Pradesh.
11:26 AM:
Higher participation of women expected. Women specific skilling programs to be launched. Modern skill loan scheme to be offered of up to ₹5 Lakhs. Expected to aid 25,000 students each year.
Additional allocation will be provided for capital investment for economic growth.
3 crore additional houses under PM Awas Yojana to be provided.
11:27 AM: Pradhan Mantri Jan Jati Unnat Gram Abhiyaan to be launched for the progress of tribals. Development of 63,000 villages is expected.
11:28 AM:
11:29 AM: Credit guarantee scheme - Term loans for purchase of machinery without collateral or third party guarantor to be launched. Guaranteed cover of up to ₹100 Crores while the price of the equipment might be higher.
11:30 AM: New assessment model for the MSMEs to be built by public sector banks leading to the creation of a formal accounting system for MSMEs.
11:31 AM: Credit Availability for Mudra Loans announced. Mandatory onboarding to facilitate MSMEs. Reduce the turnover threshold from ₹500 Crores to ₹250 Crores.
11:32 AM:
SEBI will serve all MSME clusters within three years. 24 branches to be opened this year. Expected to expand to 168 out of 242 clusters.
Up to 100 food quality and safety testing plants to be set up.
Credit support to MSMEs during stress periods - new mechanism of bank credit support through government-provided funds.
11:33 AM: E-commerce export hubs will be set up in public-private partnership mode.
11:34 AM:
Development of industrial parks will be carried out in 100 cities in partnership with private sectors. 12 industrial parks under the corridor program will be sanctioned.
Internship in top-companies. Government will launch a scheme to provide internships and similar opportunities to 1 crore youths in 5 years. Youth to receive exposure for 12 months and a 1-time assistance of ₹6,000.
11:35 AM:
11:36 AM:
Ownership and leasing will be provided to the shipping industry.
Critical mineral mission for recycling. Development of technology, skilled labour, and suitable financing mechanism announced.
11:37 AM: Off-shore mining of minerals. First off-shore blocks for mining to be funded by the government, exploration for which is already being carried out.
11:38 AM: National Company Law Tribunal established for direct recovery of ₹3.3 Lakh Crores. Additional tribunals will be established. Steps for reforming and recovering will be taken.
11:39 AM: Government will facilitate the development of states as growth hubs. It will facilitate the planning of urban areas and town planning schemes.
11:40 AM:
Transit oriented development plans for 14 lakh cities.
Urban housing - Under PM AWAS Yojana the housing needs for 1 crore urban poor people will be looked into. ₹2.2 Lakh Crores will be allocated towards this over the next five years.
11:41 AM:
Water Supply and Sanitation: In partnership with the state, promotion of water supply and sewage treatments for 100 large cities will be undertaken.
PM Svanadhi scheme to support the development of street food hubs in select cities over the next 5 years.
11:42 AM:
Policy on appropriate energy transition pathways for growth and environmental sustenance undertaken.
Stamp duty - the government to encourage states to charge high stamp duty to moderate rates. This will be essential for urban development schemes.
11:43 AM: 1 crore households will get free electricity of up to 300 units each. 1.8 crore registrations have already been received. Government to partner with the private sector for setting up small reactors.
11:45 AM: R&D funding announced in the interim budget will be made available. Research and development of small reactors and research of new technologies to be done in partnership with private organisations in India.
11:46 AM:
Development of high-grade steel and other materials announced.
Support to traditional micro and small industries in 60 clusters will be facilitated.
Priority 7: Infrastructure investment by the central government announced.
11:47 AM: Strong fiscal support to be given to infrastructure for the next five years.
11:49 AM:
Investment in infrastructure by private gap-funding structure.
Irrigation benefit program ₹11,500 Crores. Irrigation and flood mitigation - Plans to build flood control structure yet to be developed.
11:50 AM:
Pradhan Mantri Gram Sadak Yojana to provide all weather connectivity to 25,000 rural habitations.
Government to provide assistance for flood management, reconstruction, and rehabilitation.
Tourism to create jobs and more economic opportunities for other sectors. Temples in Bodhgaya in Bihar to be developed.
CAPEX for FY25 set a ₹11.11 Lakh Crores, says FM.
11:54 AM:
11:57 AM: Land records in urban areas will be digitised with mapping.
11:58 AM: Government to facilitate a wide array of reforms to labourers.
11:59 AM:
To meet the financial needs of the economy. Government to prepare a strategy document and set the agenda for the next 5 years.
Climate Finance Taxonomy - Enhancing the availability for capital adaptation.
12:00 PM:
12:01 PM: Data and statistics for improving data governance and databases will be done with the help of the latest technological tools.
12:02 PM:
Jan Vishwas Bill 2.0 - States will be incentivised for business reform action plans. Expected to enhance ease of conducting business.
New Pension Scheme - The committee reviewing this scheme has made considerable progress for central government employees.
12:03 PM: Integration of the e-Shram portal with others to be undertaken.
12:04 PM: Budget Estimates for FY 24-25:
Total Receipts Other than borrowings - ₹32.07 Lakh Crores
Fiscal deficit - 4.9% of the GDP
Market Securities - ₹14.01 Lakh Crores, less than FY23-24
Aim to keep fiscal deficit below 4.5% next year
Aim to reduce the central government debt will be on the declining path.
12:05 PM:
Government to reduce GST compliance burden on central and state. Reform for sections expected. Reduction in custom duties rate to be reviewed.
Three more cancer medicines to be fully exempt from customs duty.
12:06 PM: Mobile phone and related parts - 3-fold increase in domestic productions. Government proposes to reduce the BCD (Basic Customs Duty) on mobile phones, PCBs, and chargers.
12:07 PM: BCD to be reduced on two out of the several rare earth elements, including lithium, copper, cobalt etc. Expected to improve processing and refining.
12:08 PM:
Solar Energy - Increase in list of capital-exempt goods for solar panels, etc. Not to extend the custom duties.
Marine Products - Touched an all time high of ₹60,000 Crore. Shrimp accounted for 2/3rd of this. Reduction of BCD on certain good stock expected. Exempt custom duties on shrimp.
12:09 PM: Leather and Textile - Reduced BCD on duck and goose.
12:10 PM:
Customs duties have been exempted on 25 vital minerals, and BCD lowered for two amongst them.
Precious metals - Customs on silver and gold to drop to 6%; Platinum to fall to 6.4%.
12:12 PM:
12:13 PM:
Period of export imported for repairs extended from 6 months to 1 year.
Over 2/3rd of taxpayers have availed of the new personal income tax regime in the last fiscal.
58% of corporate tax filing came from the new regime for FY 21-22. Comprehensive review of the income tax act to simplify the provisions. To be completed in 6 months. Tax regime to be simplified for charities, capital gains taxation, and so on.
12:14 PM: Simplification for charities and TDS - Two tax regimes for charities to be merged into one.
12:15 PM: TDS on e-commerce operations to be reduced.
12:16 PM:
Standard operating procedure for compounding guidelines of defaults in tax filing. Reassessment can be opened after 3 years up to 5 years only if the income is over ₹50 Lakhs.
Two tax exemption regimes have been merged for charities.
12:17 PM:
12:18 PM:
Unlisted bonds and debentures, irrespective of holding period, will attract applicable tax.
Listed financial assets over 1 year are classified as long-term. Meanwhile, unlisted assets must be held for at least 2 years to be termed as long-term.
Taxpayer services under GST and customs have been digitalised.
12:19 PM: Monetary limits for filing appeals to ₹60 Lakhs, ₹3 Crores, and ₹5 Crores to district, high, and supreme courts, respectively.
12:20 PM:
Expansion of safe harbour roads is expected to make them attractive.
Angel tax for all classes of investors has been abolished.
Certain financial assets under short-term financial gains to attract 20% TDS.
12:21 PM: Simpler tax regime for foreign shipping companies.
12:22 PM:
For Indian employees working at MNCs, not reporting ESOPS and other movable assets has penal consequences.
Social security benefits - Increased from 10% to 14% from the employer’s contribution to NPS.
12:23 PM:
Personal income tax under the New Tax regime - Standard Deduction for salaried employees increased ₹75,000 from ₹50,000.
Angel tax to be abolished for all investor calls, announces the Finance Minister.
12:24 PM: