Budget 2024 LIVE: Nirmala Sitharaman to present budget; sectors to watch out for

Budget 2024 LIVE: Gold prices remained unchanged on Thursday ahead of the tabling of interim budget by finance minister Nirmala Sitharaman. Read Hindustan Times’ complete report here

Indira Gandhi presented the budget for the fiscal year 1970-1971. After this, Nirmala Sitharaman became the second woman to do so in 2019.

Former prime minister Moraraji Desai submitted the most budget proposals in India’s history. During his tenure as finance minister from 1962 to 1969, he presented 10 budgets. This is followed by P Chidambaram (9), Pranab Mukherjee (8) and Yashwant Sinha (8).

In terms of words, the record for longest budget speech is held by Manmohan Singh who used 18,604 words while presenting the financial document in 1991. Arun Jaitley is second in terms of the number of words used, when he delivered a speech with 18,604 words in 2018.

After the presentation of the Budget by Nirmala Sitharaman, the Union Budget documents will be available on the official website and the mobile app.

Android users can download the app from Google Play and iOS users can find it on the App Store.

The last interim budget was presented in 2019 by then Finance minister Piyush Goyal who was given the additional charge of the Finance Ministry due to Arun Jaitley’s health issues.

To catch the live streaming of Finance minister Nirmala Sitharaman’s Budget speech viewers can tune in to Sansad TV and DD News.

You can also keep reading this Hindustan Times’ blog for all updates.

India introduced Gender Budgeting in 2005. The aim was to focus on the needs of women and promoting gender equality.

The longest budget speech in India’s history was delivered by Nirmala Sitharaman in 2020. The speech lasted over 2 hours 42 minutes.

On February 1, 2021, Finance minister Nirmala Sitharaman presented the first-ever paperless budget. Nirmala Sitharaman used a digital tablet enclosed in a traditional ‘bahi-khata’ style pouch to present the budget then.

In 1973–74, Yashwantrao Chavan presented the Budget during the tenure of then PM Indira Gandhi. It became known as the “Black Budget” as the fiscal deficit for that year was ₹550 crore.

Until 1955, the Budget was only printed in English. A change occurred during the 1955-56 Budget when Finance minister CD Deshmukh initiated the practice of printing the Budget in both English and Hindi.

Finance ministry’s 10-year review of the economy said that India has 7% growth when the world is growing 2%. This is ‘qualitatively superior’ to 8%-9% achieved when the global economy grows 4%, the ministry noted.

Finance Minister Nirmala Sithraman is going to present her sixth consecutive Budget today with which she will become only the second Finance Minister in the country to have presented the Union Budget for six consecutive years after Morarji Desai.

Economic Survey has not been presented this year by the central government since Finance Minister Nirmala Sitharaman will present the Interim Budget ahead of the 2024 Lok Sabha elections which are due in the next few months.

Union Budget day has witnessed a mixed impact on the Indian share markets over the past decade. Read Hindustan Times’ full analysis here

Commenting on how people think he’s a superstar so inflation doesn’t affect celebs like him, Suniel Shetty said, “We believe in eating fresh produce so my wife Mana only buys vegetables for a day or two. The price of tomatoes has skyrocketed and it has affected us as well.” Read more

What is it? Divestment refers to selling a stake in a public sector company or state-owned assets.

Why does the government use it? The government chooses divestment to raise more revenue.

Currently, under the Income Tax provision, a standard deduction of ₹50,000 is allowed to a salaried taxpayer.

What could change? The Interim Budget could consider increasing the standard deduction for salaried employees from ₹50,000 to ₹1,00,000.

What are Budget Estimates? Funds allocated for various ministries and departments during the Budget speech, indicating the government’s planned expenditures.

Are these final commitments? These estimates are projections of intended expenditure.

What is inflation? Sustained increase in the general price level of goods and services in an economy over a period of time.

Simply put: Lower the inflation, better the economy.

What is the current rule? An employee is allowed deduction of the whole of the contribution made during the financial year into a notified pension scheme. This cannot exceed- 14% of salary, where such contribution is made by central or state government employees or 10% of salary, in case of other employees.

What could change? The Budget could end disparity in these two brackets.

The budget could likely raise the basic exemption limit by at least ₹50,000 under both the regimes.

Simply put: An increase in basic exemption limit will reduce the tax liability across all taxpayers.

Capital Expenditure incurred on creating physical assets, such as infrastructure, buildings, and machinery is called capital expenditure.

Revenue expenditure which is made on day-to-day operations, such as salaries, subsidies, and interest payments is called revenue expenditure.

Here are three Budget terms you need to know:

Annual Financial Statement (AF)- The document highlights receipts and expenditures of the government during the financial year.

Consolidated Fund- The entire revenue raised by the government, market borrowings, and receipts from loans are part of the Consolidated Fund of India.

Contingency Fund- This is set aside for any unforeseen events and is at the disposal of the President.

The tax exemption limit was increased to ₹3 lakhs and the new tax slabs as per 2023 Budget were:

Income up to Rs3,00,000- Nil

Income up to 3,00,001- 6,00,000- 5%

Income up to 6,00,001- 9,00,000- 10%

Income up to 9,00,001- 12,00,000- 15%

Income up to 12,00,001- 15,00,000- 20%

Income up to 15,00,001 and above- 30%

GDP- Gross Domestic Product- is the total monetary value of all final goods and services produced in a country in a given year.

Simply put: GDP is a measure of the economy’s health and size.

What is wealth tax? Wealth tax is levied on property ownership and market value.

Simply put: If someone possesses real estate, they are required to pay wealth tax.

Here’s all you need to know about the new tax regime:

1. It was introduced in Union Budget 2020.
2. Under the new tax regime, tax slabs were altered and taxpayers were offered concessional tax rates.
3. Taxpayers who opt for the new tax regime cannot claim several exemptions and deductions.
4. These include HRA, LTA, 80C, 80D.
5. In Budget 2023, the government introduced major changes to encourage taxpayers to adopt the new tax regime.

These taxes fall into the direct tax category:

Other than income tax, direct taxes also includes taxes like gift tax, wealth tax, capital gains tax, etc.

Corporate tax for companies also comes under the scope of direct tax.

Congress MP Gaurav Gogoi said that he expects the BJP government to announce policies that would benefit selected industrialists who are close to PM Modi.

“My expectation is what the BJP government has been doing for the past 10 years, which is offering more SOPs to that industrialist who is close to PM Modi. I believe in the budget there would be policy decisions which would benefit those very select industrialists…For the poor & middle class, we will only be treated to sound bytes and well-intentioned words that will change daily life nothing will make a difference. The poor & middle class would get ‘Jumlas’,” he said as per news agency ANI.

What is Direct tax? Tax paid directly by individuals or organisations based on their earnings to the government.

Simply put: If an individual has earned money, they will have to pay this tax.

President Draupadi Murmu outlined that the priorities of the government would rest on four key pillers-youth, power, women power, farmers and poor.

What is revenue deficit? The gap between the government’s revenue from taxes and other sources and its non-capital expenditure.

What this means? It is the money government falls short of even after collecting taxes to meet its regular expenses.

Simply put: Lower revenue deficit is considered good for the economy.

Nirmala Sitharaman’s budget speech can be viewed live on the YouTube channels of Doordarshan, Press Information Bureau (PIB), and Sansad TV.

You can also follow this blog for all the live updates.

What is fiscal deficit? The gap between the government’s total income and its total expenditure.

What this means? It is the money government borrows to run its day-to-day operations.

Simply put: A lower fiscal deficit is generally considered good for the economy.

Whatever Nirmala Sitharaman announces remains a secret before her Budget speech as Budget is kept ‘strictly confidential. But why? Here’s the answer

The final Budget for 2024-2025 will come most likely in July. As this is an election year, the new government will likely be formed around June.

So, Interim Budget it is, for now!

Here are some tax changes that you can expect in Nirmala Sitharaman’s Interim Budget presentation today:

1. Basic exemption limit may go up by at least ₹50,000 under both the regimes.
2. Budget could consider increasing standard deduction for salaried employees from ₹50,000 to ₹1,00,000.
3. Simpler TDS process could be brought for home-buyers.

Nirmala Sitharaman on February 1, 2023 presented India’s budget worth ₹45,03,097 crore. Out of the total expenditure of the budget, the revenue expenditure was estimated to be ₹35,02,136 crore. Read more

The Budget is presented at 11 am on February 1 every year. Although earlier it was presented at 5pm on the last working day of February since the colonial era. The time was chosen due to India’s time difference from the United Kingdom. India’s time is 5.5 hours ahead of the British Summertime because of which 5pm announcement ensured that it was during the day in the UK.

Independent India’s first Budget was presented by Finance Minister RK Shanmukham Chetty on 26 November 1947. This was done three months after India attained freedom from the Britishers.

Yes, you guessed it right. It was during the colonial era. The first Budget was presented in 1860 by Scottish economist James Wilson. In the budget he introduced the income tax collection system.

Till now, India has witnessed 77 regular Budgets and 14 interim Budgets. In total, 91 Union Budgets were placed in Parliament to date. Today, Finance Minister Nirmala Sitharaman will announce the 92nd Union Budget.

Along with the Interim Budget, India also awaits the Railway budget. Since the past 8 years, both have been merged and brought forth together. The government. In 2016, late Arun Jaitley, the then Finance Minister, presented the first combined Budget for the financial year 2017-18.

1. Union Finance Minister Nirmala Sitharaman will table the interim budget before the country heads for Lok Sabha polls this year.
2. This will be her sixth Budget as the Finance Minister.
3. This will be the last Budget in the second term of the PM Modi government.

Ahead of the Budget Session, PM Modi said, “Ram Ram to all of you for the year 2024. At the end of the first session held in the new Parliament building, this Parliament took a very dignified decision to clear the Nari Shakti Vandan Adhiniyam.”

“Just before the election, we don’t submit a full budget, this we will do after a new government is elected. This interim budget is a guideline for us. I am hopeful that the country will touch new heights of prosperity. Development for everyone is taking place. this journey will continue with your blessings. Ram Ram,” he said.

Union minister Nirmala Sitharaman will present the country’s interim budget today. The budget is interim in nature. The comprehensive budget will be introduced only after the formation of the new govt following general elections.