The recent Economic Survey, presented in Parliament by Finance Minister Nirmala Sitharaman, projects that the Indian economy can achieve a medium-term growth rate of over seven per cent if the country builds on the structural reforms undertaken in the last decade.

The survey emphasizes the need for a tripartite compact between the Union Government, State Governments, and the private sector to realize this potential. The financial sector is undergoing significant changes, with primary capital markets facilitating capital formation of ₹10.9 lakh crore during FY24, accounting for 29% of the gross fixed capital formation of private and public corporates in FY23.

India faces unique opportunities and challenges amid global trends like geo-economic fragmentation, self-reliance, climate change, technological advancements, and limited policy space. The survey suggests a shift in focus to bottom-up reforms and strengthening governance to ensure sustainable, balanced, and inclusive growth.

A startling revelation that only around 51.25 per cent of Indian youth is deemed employable has been one of the highlights of the Economic Survey 2023-24.

That essentially comes down to one in every two graduates who are not employable straight out of college. This comes at a time when the Centre has tried to bring down the unemployment numbers, increase apprenticeships, and create jobs in the services and manufacturing sectors.

According to the Economic Survey, in India, 65 per cent of the country's fast-growing population is under 35 years of age, and many of them simply lack the skills required in a modern economy.

However, it is worth noting that the number has risen impressively in the last decade from around 34 per cent to 51.3 per cent.

Finance Minister Nirmala Sitharaman reached North Block ahead of presenting Budget 2024.

The Economic Survey highlighted the pressing need for comprehensive reforms in India's agricultural sector, identifying several structural problems that could impede the nation's economic progress.

Key challenges highlighted include sustaining growth amidst rising food prices, improving price discovery methods, and addressing land fragmentation issues.

To tackle these challenges, the Survey proposes a multi-faceted strategy:

1. Upgrading agricultural technology

2. Applying modern skills in farming practices

3. Enhancing agricultural marketing avenues

4. Stabilizing prices

5. Adopting innovative farming techniques

6. Reducing wastage of fertilizers, water, and other inputs

7. Strengthening agriculture-industry linkages

According to the Economic Survey, the government has announced that 5% of the Universal Services Obligation Fund (USOF) will be allocated to research and development in telecommunications technology. The fund, now known as Digital Bharat Nidhi, has accumulated around Rs 80,000 crore.

Finance Minister Nirmala Sitharaman is heading to Rashtrapati Bhavan to meet with President Murmu ahead of the Budget presentation scheduled for 11 a.m. in Parliament.

Congress MP Gaurav Gogoi said, "The PM through the Budget will help the 'crorepatis' who are close to him. The middle class and the sincere taxpayers will not get anything except hollow promises."

The Cabinet, chaired by Prime Minister Narendra Modi on Tuesday approved the Union Budget 2024, set to be announced by Finance Minister Nirmala Sitharaman today at 11 am.

Congress MP and Leader of Opposition in the Lok Sabha, Rahul Gandhi, has arrived at Parliament in anticipation of the Union Budget presentation by Finance Minister Nirmala Sitharaman.

Union Finance Minister Nirmala Sitharaman begins her address in the Parliament.

"The people of India have reposed their faith in the govt led by PM Modi and re-elected it for the historic third term," she said.

Union Finance Minister Nirmala Sitharaman, while addressing the Parliament, said, "We need to focus on the garib, mahilaye, yuva, and annadata. For annadata, we announced higher MSP a month ago for all major crops, delivering on our promise. The PM Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people. Administrative actions for the approval and implementation of various schemes announced in the interim budget are well underway."

A PM Package of five schemes aimed at facilitating employment and skilling has been announced by the Finance Minister, with an allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made for education, employment, and skilling.

 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.

For Viksit Bharat, Finance Minister Nirmala Sitharaman has announced sustained efforts on nine priorities.

• Productivity and resilience in Agriculture

• Employment and skilling

• Inclusive HRD and social justice

• Mfg & services

• Urban development

• Energy security

• Infra

• Innovation, R&D

• Next generation reforms

Sitharaman announced that the government will conduct a thorough review of the agricultural research infrastructure to boost productivity and create climate-resilient crop varieties. This research will be supervised by domain experts to ensure its effectiveness and relevance.

The central government will provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution, said Finance Minister Nirmala Sitharaman.

Sitharaman announced that increasing the participation of women in the workforce will be a priority, which will be facilitated by setting up hostels and creating partnerships to organize women-specific skilling programs.

The Finance Minister announced that under the PM Awas Yojana, Urban 2.0, an investment of Rs 10 lakh crore will be made to address the housing needs of the urban poor and middle class.

The Finance Minister announced that the government will strive to provide robust fiscal support for infrastructure. This year, Rs 11.11 lakh crore has been allocated for capital expenditure, representing 3.4% of India's GDP.

Finance Minister Sitharaman announced the launch of the PM Suryaghar Muft Bijli Yojana, which will install rooftop solar panels for 1 crore households, providing them with up to 300 units of free electricity per month. "This scheme aims to promote the use of solar energy," she stated.

Additionally, she revealed that a joint venture between NTPC and BHEL will establish a 100 MW commercial thermal plant utilizing advanced ultra-supercritical (AUSC) technology.

The Goods and Services Tax (GST) has greatly reduced tax burdens for individuals and simplified compliance for businesses, proving to be a major success. To build on these benefits, we will work towards rationalizing the tax structure, said the Finance Minister.

The Finance Minister announced that the Indian mobile industry has reached maturity and proposed reducing the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile chargers to 15%.

To boost domestic value addition, the customs duty on gold and silver will be reduced to 6%, and the duty on platinum will be lowered to 6.4%, said Sitharaman.

The Income Tax slabs for FY 2024-25 under the new tax regime have been revised as follows:

- Income up to Rs 3 lakh: NIL tax

- Income from Rs 3 lakh to Rs 7 lakh: 5% tax

- Income from Rs 7 lakh to Rs 10 lakh: 10% tax

- Income from Rs 10 lakh to Rs 12 lakh: 15% tax

- Income from Rs 12 lakh to Rs 15 lakh: 20% tax

- Income above Rs 15 lakh: 30% tax

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%, and on options from 0.0625% to 0.10%. The market reacted sharply, with the Sensex plunging by 1,000 points following the STT hike on F&Os.

The defense budget has been increased to ₹4.56 lakh crore, up from the previous ₹4.55 lakh crore.

The rupee hit a record low against the US dollar, falling to 83.69 following the government's announcement to increase the capital gains tax rate. This new low surpassed the previous record of 83.6775 and compared to 83.6275 before the budget announcement.

• Stamp Duty: Encouraging states to reduce stamp duties for properties bought by women.

• Street Markets: Developing 100 weekly ‘haats’ or street food hubs in select cities.

• Transit-Oriented Development: Implementing plans for 14 major cities with populations over 30 lakh.

• Water Management: Promoting water supply, sewage treatment, and solid waste management projects in 100 large cities through bankable initiatives.

• Defence: Rs 4,54,773 crore

• Rural Development: Rs 2,65,808 crore

• Agriculture and Allied Activities: Rs 1,51,851 crore

• Home Affairs: Rs 1,50,983 crore

• Education: Rs 1,25,638 crore

• IT and Telecom: Rs 1,16,342 crore

• Health: Rs 89,287 crore

• Energy: Rs 68,769 crore

• Social Welfare: Rs 56,501 crore

• Commerce & Industry: Rs 56,501 crore

Union health minister and the national president of Bharatiya Janata Party, Jagat Prakash Nadda prased the Budget 2024-25 saying that it stands as a testament to the nation's commitment to inclusive growth, sustainable development and economic resilience.

Nadda addressed the media following the Budget 2024 announcement saying that the policies are set to boost growth, create jobs and enhance the quality of lives of all citizens.

He said, "The first Union Budget for 2024-25 in the third term of the Narendra Modi government stands as a testament to India's commitment to inclusive growth, sustainable development and economic resilience. This visionary budget not only addresses the immediate needs of the nation but also lays down a robust framework for long-term prosperity, prioritizing infrastructure development, technological innovation and social welfare. It paves the way for a more prosperous and equitable India."

Nadda also stressed that Budget 2024 is a noteworthy step in realizing the aspirations of a dynamic and self-reliant India.

"The budgets, forward-looking policies and strategic investments are poised to accelerate growth, create jobs and enhance the quality of life for all citizens. I congratulate PM Narendra Modi, and I congratulate the Finance Minister and team for giving a budget that is focused on Gaon, Garib, Mahila, Yuva, Dalit, and Adivasi. This budget serves the aspirations of all sections of the society. This budget speaks of the economic and financial stability of India. It also demonstrates how resilient the Indian economy is to the external challenges in this budget," added the BJP national president.

In a recent statement following the Budget Speech by the Finance Minister Nirmala Sitharaman, senior Congress Party leader P. Chidambaram took a dig at the centre acknowledging that some of the government’s budgetary proposals were inspired by the Congress’ Manifesto, particularly the Employment-linked Incentive (ELI) scheme, the Apprenticeship Scheme with an allowance for apprentices, and the abolition of the Angel Tax. However, he expressed disappointment that more of their ideas were not adopted.

Highlighting the country’s significant unemployment challenge, he cited the Centre for Monitoring Indian Economy (CMIE) report showing a national unemployment rate of 9.2 percent. He criticized the government's response as inadequate, arguing that the claim of benefiting 290 lakh people through new schemes was exaggerated.

On inflation, he noted the current rates of 3.4 percent (WPI), 5.1 percent (CPI), and 9.4 percent (food inflation), and criticized the Economic Survey’s assumptions on deflators, which he said cast doubt on the projected GDP growth rate of 8.2 percent. He lamented the government’s casual attitude towards inflation, stating that the Budget Speech did not instill confidence that the issue would be seriously addressed.

The nation is well on the path of progress due to the initiatives taken by Prime Minister Narendra Modi in the last 10 years, according to Union Minister Sarbananda Sonowal. The former Assam Chief Minister reacted to the Union Budget 2024 presented today in the Parliament.

He said that the poor, women, youth and farmers were the main cornerstones of this budget. The budget will also focus on various other fronts like infrastructure, women empowerment, employment, skill development.

Sonowal highlighted the special measures for floods announced by Finance Minister Nirmala Sitharaman in the budget today saying that the Centre has sought to take steps to address the issue of floods in several states and the damages caused by it.

Congress deputy leader in the Lok Sabha, Gaurav Gogoi slammed the Centre on Tuesday and expressed his disappointment while reacting to the Budget. The Jorhat MP said that the budget gave focus to two states and two political parties while keeping its corporate partners happy.

Gogoi said, "The budget presented by the Finance Minister was very disappointing because the entire budget exemplified the government's weakness and instability. The entire budget revolved around and gave focus to two states and two political parties."

The Congress leader said that the government's main focus of the budget was to 'save the seats'. "This is because the government is focusing more on saving their seat, and the entire budget is designed to achieve just that," he said.

Union Finance Minister Nirmala Sitharaman is set to table her seventh consecutive budget in the Parliament on Tuesday (July 23). She is expected to begin her Budget 2024 speech at 11 am.

The Parliament's budget session began on Monday. This will be the first full budget after the ruling party's re-election for the third term. Tax payers are hoping for Modi 3.0 government's first budget to bring significant tax reliefs.

The Budget 2024 is expected to lay the roadmap of 'Vikshit Bharat' by 2047. Tax reliefs, economic reforms and infrastructural investments are likely to grab attention. Raising the tax-free income threshold, reducing tax rates for middle-income earners, and increasing standard deductions for the salaried employees are some of the expectations.

The Finance Minister's Budget 2024 speech will be streamed live on the Indian government's official site for Union Budget - indiabudget.gov.in and will be live on Sansad TV.

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