The first Budget of the Modi government since the NDA’s third consecutive term is anticipated to balance taxpayer relief with measures to uphold fiscal discipline.
Finance Minister Nirmala Sitharaman is presenting the Union Budget 2024-25 in Parliament today at 11 am, marking the first budget of Prime Minister Narendra Modi’s third term. This is her seventh consecutive budget, surpassing the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget as finance minister. Former Prime Minister Manmohan Singh and Pranab Mukherjee each presented five consecutive budgets as well. The middle class and salaried taxpayers are hoping for income tax relief amid rising inflation and job uncertainties.
The budget is being presented in the Monsoon session this year as an interim budget was presented in February due to the Lok Sabha elections. The Monsoon session began on July 22 and will have 19 sittings until August 12. Prime Minister Modi emphasized the significance of this budget, calling it an “important budget for Amrit Kaal,” which will set the direction for the next five years and lay a strong foundation for the vision of ‘Viksit Bharat.’
Earlier, on February 1, Sitharaman presented the Interim Budget, which outlined a comprehensive financial plan ahead of the 2024 Lok Sabha elections. The interim budget proposed a total expenditure of ₹47.65 trillion for FY 2024-25, a 6% increase over the revised estimate for FY 2023-24. It projected total receipts at ₹30.80 trillion, a 12% rise compared to the previous fiscal year, and expected the fiscal deficit to be 5.1% of GDP in 2024-25, down from 5.8% in the previous financial year. The interim budget also emphasized capital expenditure, proposing an 11% increase to ₹11.1 trillion, or 3.4% of GDP.
Today’s budget presentation will begin at 11 am, and experts suggest that it will likely focus on capital expenditure through roadways and Indian Railways. You can watch the Union Budget 2024 live on Sansad TV and follow key announcements, highlights, and analysis with Hindustan Times.
The Economic Survey described the Indian economy as being on a “strong wicket and stable footing” and resilient despite geopolitical challenges. It noted that the economy has consolidated its post-Covid recovery with policymakers ensuring economic and financial stability. The Survey highlighted that India’s FY GDP growth is expected to be between 6.5% to 7.0%, inflation remains high in some goods, global conflicts will likely disrupt supplies and influence the Reserve Bank of India’s stance, and local demand will continue to support industry growth in India.
Ahead of the budget, PM Modi posted on X (formerly Twitter), highlighting the strengths of the Indian economy as showcased in the Economic Survey and the outcomes of various government reforms. He also identified areas for further growth and progress as India moves towards becoming a developed nation, or ‘Viksit Bharat.’
July 23, 2024 – Union Budget 2024 LIVE Updates
11:06 AM IST Finance Minister Nirmala Sitharaman has begun her speech, marking her seventh Union Budget presentation in the Lok Sabha.
11:03 AM IST The Indian stock market is subdued ahead of the budget presentation, underperforming compared to their peers in Asia. Metal companies, state-owned firms, and lenders are leading the losses today.
11:02 AM IST Delhi Minister Atishi has expressed expectations for ₹20,000 crores for Delhi, citing that the people of Delhi contribute significantly to the central GST.
10:50 AM IST Congress MP and Leader of Opposition in Lok Sabha, Rahul Gandhi, has arrived in Parliament ahead of the budget presentation.
10:43 AM IST AAP MP Sanjay Singh criticized the government for inflation and emphasized the need for measures addressing MSP for farmers, revocation of the Agniveer Scheme, and employment.
10:37 AM IST Budget documents can be accessed via the ‘Union Budget Mobile App’ available on both Android and iOS platforms, or from the Union Budget web portal in both English and Hindi.
10:34 AM IST Key figures to watch in Budget 2024 include economic growth rates, capital expenditure, and fiscal deficit targets.
10:33 AM IST Finance Minister Nirmala Sitharaman met with President Droupadi Murmu, receiving ‘dahi-chini’ (curd-sugar), an auspicious offering, before heading to Parliament.
10:27 AM IST Union Minister Gajendra Singh Shekhawat highlighted the government’s aim for self-reliance and systematic progression towards that goal.
10:21 AM IST Congress MP K Suresh criticized previous budgets as being anti-people and not addressing issues like price rise and unemployment.
10:20 AM IST The Union Cabinet, headed by PM Modi, is meeting in Parliament to approve the Union Budget ahead of its presentation.
10:15 AM IST Budget copies have been brought to Parliament, and Home Minister Amit Shah has also arrived.
10:14 AM IST Historically, the Union Budget was presented at 5 PM until 1999 to align with London timings. This changed in 1999 when Yashwant Singh presented it at 11 AM.
10:10 AM IST In 2017, the budget presentation date was moved to February 1 to complete the parliamentary approval process by the end of March and implement the budget by April 1.
10:04 AM IST Nirmala Sitharaman holds the record for the longest budget speech, lasting two hours and forty minutes in 2020.
9:58 AM IST Nirmala Sitharaman has arrived at Parliament with a red tablet for her seventh Budget speech.
9:54 AM IST Finance Minister Nirmala Sitharaman met President Droupadi Murmu with a copy of the Union Budget.
9:47 AM IST Copies of the Jammu and Kashmir budget have arrived in Parliament as Sitharaman will present the estimated receipts and expenditure for 2024-25 for the Union Territory.
9:45 AM IST Ahead of Budget 2024, the BSE Sensex and Nifty50 opened in green. BSE Sensex moved up 200 points, and Nifty50 was above 24,550.
9:32 AM IST The stock market is expected to remain volatile as Finance Minister Sitharaman tables the first union budget of Modi 3.0 post-Lok Sabha elections.
9:19 AM IST Nilaya Varma, Co-Founder and CEO of Primus Partners, emphasized high expectations from the budget, focusing on short-term consumption boosts, capital projects, private investments, and fiscal discipline to meet the goals of Viksit Bharat.
9:18 AM IST In the past 10 years, Sensex has gained an average of 0.27% on Budget days. In 2020, Sensex dropped by 2.43%, while in 2021, it finished with a 5% gain.
9:07 AM IST Finance Minister Sitharaman will present the Union Budget for the 7th consecutive time, surpassing Morarji Desai’s record of six budgets.
9:00 AM IST Moody’s Analytics suggested that the budget might have favorable measures for India’s middle class.
8:53 AM IST The Economic Survey noted that capital markets play a significant role in India’s growth trajectory, showing resilience against global geopolitical and economic disruptions.
8:50 AM IST The rupee is expected to open flat at 83.6575 from the previous session’s all-time low of 83.6775.
8:39 AM IST Chief Economic Advisor V Anantha Nageswaran arrived at the Ministry of Finance ahead of the budget presentation.
8:38 AM IST Union Finance Minister Nirmala Sitharaman will also present the budget for the Union Territory of Jammu and Kashmir.
8:36 AM IST Stock Markets closed lower on July 22, with the benchmark Sensex dropping 102 points ahead of the budget presentation.
8:29 AM IST Key highlights from the Economic Survey include economic growth estimates of 6.5-7% for FY25, increased FDI inflows, and significant remittance growth.
8:24 AM IST Visuals from the Ministry of Finance ahead of the Budget presentation show preparations in full swing.
8:22 AM IST Finance Minister Sitharaman arrived at North Block ahead of presenting Budget 2024.
8:12 AM IST Citi expects increased funding for rural schemes to stimulate consumption, benefiting consumer goods makers and two-wheeler manufacturers.
8:08 AM IST Nirmala Sitharaman will place several key documents on the table, including the Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement and the Macro-Economic Framework Statement.
8:05 AM IST The Economic Survey noted a 77% increase in capital expenditure on Railways over the last five years.
7:57 AM IST Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament today at 11 AM, her seventh consecutive budget presentation.
7:54 AM IST Indian shares are expected to open little changed today ahead of the Budget, with GIFT Nifty suggesting NSE Nifty 50 will open near its Monday close.
7:48 AM IST Finance Minister Sitharaman has a busy schedule, visiting the Ministry of Finance’s North Block headquarters, meeting secretaries, and obtaining budget authorization from the President.
7:41 AM IST Additional allocations in the Budget could include PM Awaas Yojana, Jan Dhan Yojana, Jal Jeevan Mission, MNREGA, and Atal Pension Yojana.
7:34 AM IST The BJP has rejected JD (U)’s demand for special status for Bihar, citing the 2012 Inter-Ministerial Group (IMG) report.
7:30 AM IST Vedant Hamirwasia from ODA Class emphasized the need for increased budget allocation for the education sector, focusing on digital infrastructure and reducing GST for online education.
7:28 AM IST Pramod Kathuria from Easiloan highlighted the fintech industry’s expectations for strengthened digital infrastructure and regulations.
7:25 AM IST Fisdom Research expects increased support for the modernization of armed forces, highlighting stocks like Bharat Electronics Ltd. (BEL), Hindustan Aeronautics Ltd. (HAL), and Bharat Dynamics Ltd. (BDL).
7:22 AM IST Murali Krishna from Spyre VC advocated for tax incentives to promote technology adoption in infrastructure investments and collaboration between startups and real estate developers.
7:20 AM IST Nirmala Sitharaman’s Budget may propose a new tax system with updated income tax slabs and potential changes to the capital gains tax structure.
