Budget 2024 Speech Highlights: Customs duty on gold, silver to be reduced to 6%, says FM

Internship with Rs 5,000 monthly allowance announced for 1 crore youth, says FM.

Union Finance Minister Nirmala Sitharaman said, "A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date..."

Union Finance Minister Nirmala Sitharaman says "Three cancer treatment medicines to be exempt from basic customs duty..."

Simpler tax regime for foreign shipping companies operating domestic cruises

GST has decreased tax incidence on common man, reduced logistic cost for industry, it is a success of vast proportion: FM in Lok Sabha.

On mobile phone industry, FM Sitharaman said, "I propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%."

Union Finance Minister Nirmala Sitharaman says "The government has proposed to set up a venture capital fund of Rs 1,000 crore for the space economy."

Finance Minister Nirmala Sitharaman says, "The government endeavours to maintain strong fiscal support for infrastructure over the next 5 years. Capital expenditure to be Rs 11,11 lakh crore at 3.4% of our GDP."

The finance minister says a mechanism will be established to spur private-driven research at a commercial scale, supported by a financial pool of Rs 1 lakh crore, as announced in February.

"Integrated technology platform will be set up for improving the outcomes under Insolvency & Bankruptcy Code. Debt recovery tribunals will be strengthened & additional tribunals will be established to speed up recovery, said the FM.

Govt to come out with a document on energy transition pathway: FM Sitharaman

On development of small and modular nuclear reactors in the country,  Sitharaman said, "The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy..."

We will support industrial corridor for development in the eastern region. 100 branches of India Post Payments Bank to be set up in North East, says FM.

On free solar electricity scheme,  Sitharaman said, "PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it."

"Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions,” says FM.

Power projects including setting up of a new 2400 MW power plant at Pirpainti will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar Govt for external assistance from multilateral development banks will be expedited...Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years. Our govt is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers, says FM .

Urban housing : 10 lakh crore including central assistance of 2.2 lakh crore rupees over next five years

Sitharaman says, "For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger..."

“Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years,” says Sitharaman.

Centre to facilitate special financial support for development of capital city in Andhra Pradesh: FM

FM Sitharaman says, "Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions."

"The global economy, while performing better than expected, is still in the grip of policy uncertainties, elevated asset prices, political uncertainties and shipping disruptions continue to pose significant downsize risks to inflation. In this context, India's economic growth continues to be the shining exception and will remain so in the years ahead," says Finance Minister Nirmala Sitharaman

•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

"I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling...” says FM.

"As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer.  For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people.,” says FM.

FM Nirmala Sitharaman dons off-white saree for her 7th consecutive budget presentation

Ahead of the Modi government’s Union Budget, Shiv Sena (UBT) MP Priyanka Chaturvedi said, ‘I hope Nirmala Sitharaman ji will provide some relief from rising inflation and unemployment, and that the government will talk about ‘Jan ki baat’ and not the PM’s ‘Mann ki Baat…”

The finance minister held discussions with secretaries at the Ministry of Finance, followed by a visit to the President’s residence to seek permission to present the Budget.

With two hours and forty-minute speech on February 1, 2020, Sitharaman holds the record for the longest budget address.

The Budget for 2024-25 is being considered the action plan for the Modi 3.0 government to outline a road map towards India's development in the next five years.

Sitharaman meets President Droupadi Murmu at Rashtrapati Bhavan, ahead of the Budget presentation at 11am in Parliament.

J&K budget copies arrive in Parliament. Sitharaman will present the estimated receipts and expenditure for 2024-25 for the Union Territory of Jammu and Kashmir (with legislature) in Parliament.