Budget Headlines

Union Budget 2024
Finance minister Nirmala Sitharaman presented the Union Budget 2024, her seventh, on July 23, bringing a host of measures for a number of sectors. Budget 2024 marked out nine specific priority areas --- Productivity and resilience in Agriculture, Employment and skilling, Inclusive HRD and social justice, manufacturing & services, Urban development, Energy security, Infra, Innovation, R&D and Next-generation reforms.

Key Budget Takeaways: Nirmala Sitharaman's key announcements and what they mean for you

Budget 2024 Decoded: Your 2 minute guide to become a budget pro

Budget 2024 specifics
Presenting the budget, FM Sitharaman said there was a need to focus on the four sections of people -- garib, mahilaye, yuva and annadata.

Income Tax changes
Changes in the new tax regime were announced in the Budget, as per which the tax structure stands to be revised in the new financial year. This new rate structure is as follows: 0-3 lakh Zero; 3-7L 5%; 7-10L 10%; 10-12L 15%; 12-15L 20%; 15 & above, 30%.

Salaried employee in new tax regime will save up to Rs 17,500 in income tax, the Finance minister said.

New income tax slabs announced in new tax regime in Budget 2024

Financial markets
It was announced that long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.

The Finance Minister announced an increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%.

Also, the 20% TDS on repurchase by MF or UTI was proposed to be withdrawn.

The new moves are basically these:

• STCG on certain assets will attract 20% and all other on financial and non-financial assets will be taxed at tax rate applicable
• Hike in the limit capital gains exemption limit to Rs 1.25 lakh per year.
• LTCG on specified certain assets will be hiked to 12.5%
• Unlisted bonds, debt mutual funds will continue to be taxed at applicable tax rate.

Macro Economy
The fiscal deficit for the year is estimated at 4.9% of GDP, Sitharaman's Budget revealed.


The government will try and maintain strong fiscal support for infrastructure, it was announced. This year, Rs 11.11 lakh crore has been allocated for capital expenditure, which amounts to 3.4% of India's GDP.


Due to an increase in tax revenue, the government reduced its projected borrowings for the current fiscal year to 14.01 lakh crore. To achieve its desired budget deficit, the government must issue dated securities in order to borrow money.

Big jobs boost
Increasing the participation of women in the workforce will be a priority, the Budget announced. This will be facilitated by setting up hostels and creating partnerships to organise women-specific skilling programs.

Job creation in the manufacturing sector will be incentivised through a scheme linked to the employment of first-time employees. This scheme will provide incentives to both employees and employers concerning EPFO contributions for the first four years of employment.

It will benefit 30 lakh youth and cover additional employment in all sectors. The government will reimburse employers up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee.

This initiative aims to incentivise the additional employment of 50 lakh people.

Jobs and skilling
The Finance Minister announced employment-linked skilling through schemes as part of the PM's package. These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees.

First-timers will receive one month's wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month's salary, up to Rs 15,000, will be provided in three instalments.

The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths.

A PM Package of 5 schemes will be announced to facilitate employment and skilling at an outlay of Rs 2 lakh crore.

Changes in customs duty
India, the second-largest consumer of bullion in the world, cut import levies on gold and silver from 15% to 6%. Industry officials say this could increase retail demand and assist reduce smuggling. Increased Indian demand for gold could drive up world prices, which broke records this year, but it could also increase India's trade deficit and weaken the rupee.

Providing significant relief to cancer patients, Nirmala Sitharaman waived customs duties on three cancer medications. Osimertinib, Durvalumab, and Trastuzumab Deruxtecan are the three medications.

Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics will be made fully exempt and reduce BCD on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors.

Real estate
Under the PM Awas Yojana, Urban 2.0, the housing needs of the urban poor and middle class will be addressed with an investment of Rs 10 lakh crore.

A Rs 2.2 lakh crore push to make housing more affordable was announced.

States charging high stamp duty will be encouraged to moderate their rates for all, it was announced in the Budget.

Additionally, further reductions in duties for properties purchased by women will be considered.

These measures will also be incorporated as essential components of urban development schemes, the FM said.

Property sale rule rejig
The indexation bonus that was offered on property sales was announced to be eliminated in the 2024 budget. Many property sellers will consequently be unable to increase their acquisition price and lower their capital gains.

Before the announcement, long-term capital gains from the sale of real estate were subject to a 20% indexation benefit tax. According to the budget documents, capital gains from the sale of property will now be subject to the new LTCG tax rate of 12.5% without indexation advantage, as opposed to the previous rate of 20% with indexation benefit.

According to the budget documents, capital gains from the sale of real estate will now be subject to the new 12.5% LTCG tax rate without the indexation benefit.

Infra makeover
Budget 2024 proposed to provide Rs 2.66 lakh crore for rural development.

Road connectivity projects will get a Rs 26,000-crore boost.

12 industrial parks will be sanctioned, it was announced.

The government has announced the launch of Phase IV of Pradhan Mantri Gram Sadak Yojana to provide all-weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase, the FM said.

Street Markets: Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities.

Transit Oriented Development: Transit Oriented Development plans for 14 large cities with a population above 30 lakh

Water Management: Promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.

What' cheaper after Budget

• Imported mobiles
• Gold, silver, and other precious metals
• Cancer Drugs - Trastuzumab Deruxtecan, Osimertinib, Durvalumab
• Medical Equipment - All types of polyethylene for use in the manufacture of orthopedic implants X-ray tubes
• Imported cellular mobile phone Charger/Adapter
• Specified capital goods for use in the manufacture of solar cells or solar modules, and parts for the manufacture of such capital goods
• Shea nuts Fish lipid oil for use in the manufacture of aquatic feed Crude fish oil

What's costlier

• Specified telecom equipment
• Plastic products
• Polyvinyl chloride (PVC) flex films
• Garden umbrellas Laboratory chemicals
• Solar glass for manufacture of solar cells or solar modules
• Tinned copper interconnect for manufacture of solar cells or solar modules
• Ammonium nitrate