Union Budget 2024 Date & Time, Live Streaming, Financial Measures & Tax Reforms

The Union Budget 2024 is one of the most anticipated financial events of the year, with possible game-changing developments certain to affect every sector of the Indian economy. As the Finance Minister prepares to make the budget address, there are strong anticipation for big changes to income tax legislation, healthcare breakthroughs, and other crucial sectors.

Union Budget 2024

This thorough guide gives a complete description of the Union Budget 2024 highlights, probable key announcements in income tax, health news, and how to obtain the budget summary PDF. Stay tuned to find out where to watch the live stream of the budget presentation and how to effectively review the India Budget Summary PDF 2024 for a thorough knowledge of the financial blueprint that will influence the country’s future.

The Satisfaction of The Populace

Budget Day in India is greatly anticipated, with companies and the general public anxiously expecting information on plans and projects that may affect their financial planning. This year, due to the forthcoming elections, the traditional Budget 2024 has been substituted with an Interim Budget. However, the Honourable Finance Minister, Smt. Nirmala Sitharaman, has ensured that it is brimming with schemes and benefits, much to the delight of the public.

Welfare & Aspirations

The Finance Minister introduced the “Viksit Bharat Budget 2024” theme on February 1, 2024. She stressed that the country is dedicated to the concept of Atmanirbhar Bharat, which emphasizes self-reliance. Furthermore, the Interim Budget 2024 highlights the needs and goals of the Gareeb (poor), Mahila (women), Yuva (youth), and Annadata (farmers).

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Union Budget 2024 Date & Time

Finance Minister Nirmala Sitharaman presents the Union Budget yearly. However, due to the 2024 Lok Sabha Elections, the budget will be presented twice this year. The interim budget was presented on February 1, 2024, and the final budget is expected for July 23, 2024. This budget must straddle the complex problem of launching new projects while remaining fiscally responsible in the face of ongoing economic uncertainty.

• Date: Tuesday, July 23, 2024
• Time: 11 AM (IST)
• Location: Parliament, New Delhi

Major Allocations

• Education and Employment: ₹1.48 lakh crore provided for education, employment, and skills development. Agricultural research will be reviewed to improve production and generate climate-resilient types.
• Funding will be distributed in a challenge format, including to the business sector.
• Over the next two years, certification and branding will facilitate the transition of one crore farmers to natural agricultural practices. 10,000 bio-input resource centers will be created.
• The government aims to attain self-sufficiency in pulses and oil seeds through improved production, storage, and marketing.
• Large-scale vegetable production will be promoted near key consumption centers, boosting farmer-producer associations, cooperatives, and startups.

Key Schemes & Initiatives

• The National Cooperation Policy aims to create digital public infrastructure for agriculture in collaboration with states. Employment-Linked Schemes:
• Incentives would be offered to 30 lakh adolescents entering the employment market, including one month’s PF (Provident Fund) contributions.
• Working Women Hostels will be established to encourage women’s engagement in the workforce. MGNREGA aims to provide 100 days of paid employment for at least one member of each family seeking manual labor.
• Mudra Loans: The financial support for MSMEs, Mudra loans ceiling will be increased from ₹10 lakh to ₹20 lakh for those who have successfully repaid prior loans.
• The PM Awas Yojana-Urban aims to provide homes for one crore poor and middle-class families, with a ₹10 lakh crore investment and ₹2.2 lakh crore in federal support over five years.

Financial Measures & Tax Reforms

• Fiscal deficit is estimated at 4.9% of GDP, with net tax revenues of ₹25.83 lakh crore. Customs duty exemptions include a full exemption for three cancer treatment drugs.
• Angel tax is no longer applicable to investors. A revision of the Income Tax Act of 1961 will be completed within six months. TDS Reforms: Decriminalization of late TDS payments up to the filing deadline, with the TDS rate for e-commerce operators cut from 1% to 0.1%.
• Foreign corporations now pay only 35% corporate tax, while charities and cruise operations are subject to altered taxation.
• Defence allocation is ₹6.2 lakh crore, unchanged with the interim budget. The Telecom Ministry allocated ₹1.28 lakh crore, with BSNL receiving ₹82,916 crore.

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Additional Highlights

• A ₹1,000 crore venture capital fund will be established to boost the space industry.
• Over the next five years, 4.1 crore youth would be employed with a budget of ₹2 lakh crore.

Budget Expectations 2024 From Industries

Healthcare Sector: Despite recent advances, India’s healthcare spending still lags below neighboring nations such as Bangladesh and Bhutan. The National Health Policy 2017 seeks to grow expenditure to 2.5% of GDP by 2025, with a significant focus on integrating technology into public healthcare.

• Real Estate Sector: We predict that the forthcoming budget will address significant issues in the real estate industry, such as tax relief for homebuyers and extended deductions for mortgage interest. Reforms to increase the supply of affordable homes through better financing and quicker approvals are critical.
• IT Sector: The Interim Budget 2024 aims to boost India’s IT industry by promoting digitalization and technology advancements in businesses including Fintech, Retail, Health, Real Estate, Manufacturing, and Telecom. Enhancing R&D and fostering skilled individuals should be prioritized in order to generate economic growth and increase global competitiveness in software development, cybersecurity, and digital solutions.
• Education Sector: It is critical to enhance funding for educational infrastructure, teacher training, and digital learning resources. This involves closing the academic gap between rural and urban areas, improving vocational training, and encouraging holistic development through the arts, sports, and culture.

Budget Expectations 2024 for Salaried Individuals

• Under the new tax system, the present basic exemption level of Rs. 3 lakh is expected to grow to Rs. 5 lakh. Tax Slabs: Individuals earning between Rs. 15 lakh and Rs. 20 lakh may face revisions to their tax rates. Currently, this income category pays a 30% tax rate.
• A reduction to 22-25% would provide much-needed assistance to taxpayers in this category, improving their financial situation and promoting increased discretionary earnings.
• The Section 80C limit, which has not been updated since 2014, requires updating. Given growing inflation rates, raising this ceiling would help taxpayers tackle inflation more effectively.
• To promote homeownership, the government should consider increasing the interest deduction ceiling under Section 24(b). This change would increase incentives for acquiring residential properties, benefiting both individual financial health and the whole real estate market.
• The deduction limit for medical insurance premiums under Section 80D of the Income Tax Act, 1961, is expected to be increased due to escalating healthcare expenditures. Currently, the maximum is ₹25,000 for individuals and ₹50,000 for elderly people.

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Union Budget 2024 Live Streaming

• Doordarsha n (DD News and DD National): Watch the Finance Minister’s budget address live on DD News and DD National. These government-run networks provide comprehensive coverage, guaranteeing that audiences around the country may watch this vital program.
• Sansad TV: Sansad TV will also broadcast the budget address live, providing viewers with an additional trustworthy source to follow all the changes and in-depth analyses of the financial allocations and policies.
• Press Information Bureau (PIB): The Press Information Bureau’s (PIB) official YouTube channel and website will also provide live streaming of the budget speech. This guarantees that the live broadcast can be accessed by viewers from a variety of trustworthy sources.

Additional Online Streaming

The Finance Minister’s speech will also be streamed live on the YouTube feeds of Sanad TV and Doordarshan for those who prefer digital media. These platforms offer versatility by enabling you to view the speech on PCs, tablets, and cellphones, among other devices.

Final Words

With the Union Budget 2024 drawing near, all eyes will be on the Finance Minister’s address, which might have a big impact on India’s economic future. Making timely decisions and remaining informed requires knowing where and when to watch the live stream of this important event. Here is all the information you require regarding the budget’s release date, available live streaming services, and locations for the Finance Minister’s live speech.