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Tue, 23 July 2024
BUDGET 12 industrial parks to come up in India
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20:37 12 industrial parks to come up in India
The government on Tuesday announced the development of 'plug and play' industrial parks in or near 100 cities in partnership with states and the private sector to boost manufacturing.
Finance Minister Nirmala Sitharaman said these parks will be developed using town planning schemes in a better way.
"Our government will facilitate development of investment-ready 'plug and play' industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector," she said.
Generally in such parks, the government creates trunk infrastructure and provides the land to industry. It helps in facilitating investments into the country by providing quality, reliable, sustainable and resilient infrastructure for the industries.
Commenting on the announcement, Commerce and Industry Minister Piyush Goyal said 12 such parks would be developed.
"People are saying it is only Bihar and Andhra Pradesh. There are 12 industrial parks. They are all over the country. Very often, you announce only one or two as an example but the details will come in due course. I will go to the Cabinet for these 12 industrial parks," Goyal told reporters.
The finance minister also said that to enhance 'Ease of Doing Business', the government is working on the Jan Vishwas Bill 2.0.
"Further, states will be incentivised for implementation of their Business Reforms Action Plans and digitalisation," she said.
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19:56 E-commerce hubs to promote exports
The government on Tuesday announced setting up of hubs to promote exports through e-commerce medium in public-private-partnership (PPP) mode and initially 10-15 hubs will be established.
Finance Minister Nirmala Sitharaman said that these hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof.
"To enable MSMEs (micro, small and medium enterprises) and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in PPP mode," she said.
Commenting on the announcement, Commerce and Industry Minister Piyush Goyal said these hubs will have facilities like expedited customs clearances and will be located near major cargo centres.
"We will start with 10-15 hubs, (after that) judge the interest of trade, business and exporters. If we get good encouragement, we will scale them up. We can identify (these hubs) in consultation with the industry. Industry has to come forward," the minister told reporters.
The commerce ministry is working on developing a regulatory framework for these hubs and is expected to be ready by September.
At present, India's exports through this medium are only about USD 5 billion compared to China's USD 300 billion, annually. There is a potential to take it to USD 50-100 billion in the coming years.
Through these hubs, small producers will be facilitated to sell to aggregators and then that aggregator will find markets to sell.
Export products which hold huge potential through this medium include jewellery, apparel, handicrafts and ODOP (one district one product) goods.
In such hubs, export clearances can be facilitated. Besides, it can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging.
Federation of Indian Export Organisations Director General Ajay Sahai has earlier stated that it will be a kind of bonded zone which will facilitate exports and imports of e-commerce cargo and to a large extent address the problem of re-imports because in e-commerce, about 25 per cent of goods are re-imported.
Last year, the cross-border e-commerce trade was about USD 800 billion and is estimated to reach USD 2 trillion by 2030.
A report by economic think tank GTRI India's e-commerce exports have the potential to reach USD 350 billion by 2030, but banking issues hinder growth and increase operational costs.
India has set a target of USD 1 trillion of merchandise exports by 2030 and cross-border e-commerce trade has been identified as one of the mediums to meet this aim.
Illustration: Dominic Xavier/Rediff.com
18:08 CG tax change to fetch extra Rs 15K cr
The proposed changes in capital gains tax rates in the Budget are estimated to garner an additional Rs 15,000 crore to the exchequer, Revenue Secretary Sanjay Malhotra said on Tuesday.
Finance Minister Nirmala Sitharaman, in her 2024-25 Budget, has proposed to rationalise the capital gains tax rate and holding period of various assets, including securities and immovable properties, in the 2024-25 Budget.
Listed financial assets will have to be held for more than 1 year, while unlisted financial assets and all non-financial assets for at least 2 years to qualify for long-term capital gains tax.
The long-term capital gains tax for various asset classes has been reduced to 12.5 per cent, with the exception of unlisted bonds and debentures where applicable slab rates would apply.
Briefing reporters after the Budget presentation, Sitharaman said the government wanted to simplify the approach to taxation.
"...The average taxation has come down ... (to) 12.5 per cent... We have brought it down to the lowest (which) encourages investment in the market," Sitharaman said.
However, the Budget proposes to increase short-term capital gains tax (STCG) on listed equity, equity-oriented mutual funds and units of a business trust to 20 per cent, from 15 per cent.
Malhotra said the marginal increase in capital gains tax will result in additional Rs 15,000 crore revenue.
Finance Secretary TV Somanathan said the capital gains tax regime has been made "very, very simple" in the Budget.
"Equities are at 20 per cent and everything else is it at the applicable rate for the short term. Yes, short-term has gone up and long-term has been rationalised," Somanathan said.
With regard to the proposed increase in securities transaction tax (STT) in Futures and Options (F&O), Malhotra said it would be effective from October 1, 2024.
STT on the sale of an option has been hiked from 0.0625 per cent to 0.1 per cent of the option premium. The sale of securities in the futures market has been increased from 0.0125 per cent to 0.02 per cent of the price at which such futures are traded.
16:30 Subsidy outlay cut for food, fertiliser, and fuel
In a move that signals fiscal prudence, the government reduced its subsidy outlay for food, fertiliser, and fuel by 7.8 per cent in the full Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday.
The total subsidy allocation stands at Rs 3,81,175 crore for the current fiscal, down from the previous year's figure of Rs 4,13,466 crore. This reduction aligns with the estimates projected in February's interim budget.
Breaking down the allocations, the food subsidy has been set at Rs 2,05,250 crore, a decrease from the revised estimates of Rs 2,12,332 crore for the fiscal ending March 31, 2024.
This subsidy covers the difference between the economic cost of foodgrains procured by the government and their sales realisation under the National Food Security Act (NFSA) and other welfare schemes, benefiting approximately 80 crore individuals.
The fertiliser subsidy has seen a more significant cut, with Rs 1,64,000 crore earmarked for 2024-25 against the revised estimates of Rs 1,88,894 crore for the previous fiscal. This subsidy supports manufacturers and helps maintain affordable prices for farmers, covering both urea and non-urea fertilisers like DAP and MOP.
Petroleum subsidies, primarily for cooking gas (LPG), have been marginally reduced to Rs 11,925 crore, down from Rs 12,240 crore in the 2023-24 revised estimates.
The government's decision to maintain the subsidy estimates from the interim budget suggests a calculated approach to balancing fiscal consolidation with welfare measures.
15:24 Rs 1,000 cr VC fund for space sector
The government will set up a venture capital fund of Rs 1,000 crore to promote space technology, Finance Minister Nirmala Sitharaman said on Tuesday, an announcement welcomed warmly by the industry.
Several stakeholders, including the Indian Space Association (ISpA) as well as the heads of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) and Pixxel Space, said the provisions announced in Budget 2024-25 would fuel growth and development of the sector.
With our continued emphasis on expanding the space economy by five times in the next 10 years, a venture capital fund of Rs 1,000 crore will be set up, Sitharaman said in the Lok Sabha while presenting the Union Budget.
Pic: Courtesy, Pexels.com
14:50 Govt doubles Mudra loan limit to Rs 20 lakh
Finance Minister Nirmala Sitharaman on Tuesday announced the doubling of the upper limit of Mudra loans to Rs 20 lakh to promote entrepreneurship in the country.
"The limit of Mudra loans will be enhanced to Rs 20 lakh from the current Rs 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the 'Tarun category'," she said while presenting the Budget in the Lok Sabha.
Pradhan Mantri MUDRA Yojana (PMMY) was launched on April 8, 2015, by Prime Minister Narendra Modi to facilitate easy collateral-free micro-credit of up to Rs 10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities. Loans under PMMY are provided by Member Lending Institutions (MLIs) banks, non-banking financial companies (NBFCs), microfinance institutions (MFIs) and other financial intermediaries.
As per the existing scheme, banks provide collateral-free loans up to Rs 10 lakh under three categories -- Shishu (up to Rs 50,000), Kishore (between Rs 50,000 and Rs 5 lakh) and Tarun (Rs 10 lakh).
"Our government is committed to all-round, all-pervasive and all inclusive development of people, particularly, farmers, youth, women and poor," she said.
For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes including those for education and health will be adopted to empower them by improving their capabilities, she said.
Implementation of schemes meant for supporting economic activities by craftsmen, artisans, self-help groups, scheduled caste, scheduled tribe and women entrepreneurs, and street vendors, such as PM Vishwakarma, PM SVANidhi, National Livelihood Missions, and Stand-Up India will be stepped up, she said.
To improve the socio-economic condition of tribal communities, she said, "We will launch the Pradhan Mantri Janjatiya Unnat Gram Abhiyan by adopting saturation coverage for tribal families in tribal-majority villages and aspirational districts. This will cover 63,000 villages benefitting 5 crore tribal people."
She also said SIDBI will open new branches to expand its reach to serve all major MSME clusters within three years and provide direct credit to them. With the opening of 24 such branches this year, the service coverage will expand to 168 out of 242 major clusters, she said.
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14:04 Import duty on motherboards up by 5 pc
The government has proposed to increase import duty on motherboards, technically called printed circuit boards, by 5 per cent in the Union Budget 2024-25 to boost domestic telecom gear manufacturing.
"To incentivise domestic manufacturing, I propose to increase the BCD (Basic Customs Duty) from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment," Finance Minister Nirmala Sitharaman said.
The increase in basic customs duty for telecom PCB assembly comes with the exemption of critical minerals that are used in the manufacturing of communication equipment.
The finance minister proposed to fully exempt 25 minerals, such as lithium, copper, cobalt and rare earth elements, which are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics from customs duties and reduce basic customs duty 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," Sitharaman said.
13:16 FM hikes securities transaction tax on F&O
Finance Minister Nirmala Sitharaman on Tuesday said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.
Presenting the Budget for 2024-25, she announced a hike in STT (securities transaction tax) on F&O (futures and options) securities by 0.02 per cent and 0.1 per cent.
Income receipt on share buyback will be taxed in the hands of recipients, Sitharaman added.
To reduce tax litigation, the finance minister said the government is planning Vivad Se Vishwas Scheme 2024.
12:52 Basic customs duty on gold, silver reduced
Finance Minister Nirmala Sitharaman on Tuesday proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.
Presenting Budget for 2024-25, she also announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment.
The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry.
Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent.
On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics.
She also said e-commerce export hubs will be set up in PPP (public private partnership) mode to enable MSMEs sell their products.
Traditional artisans will sell products in international markets, she said.
She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels.
12:48 Employees save Rs 17.5K in new tax regime: FM
The government on Tuesday announced withdrawal of the 2 per cent equalisation levy.
Presenting the Budget for 2024-25 in the Lok Sabha, Finance Minister Nirmala Sitharaman said the standard deduction for salaried employees will be hiked to Rs 75,000, from Rs 50,000 under new income tax regime in FY25.
The government raised the deduction limit to 14 per cent from 10 per cent for employers' contribution for the National Pension System (NPS).
Besides, the government proposed to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000.
The finance minister added that salaried employees under the new tax regime will save up to Rs 17,500 annually in taxes due to the changes proposed in the FY25 Budget.
12:37 Tax rates revised under new regime
On personal income tax rates in the new tax regime, Sitharaman says, "Under the new tax regime, tax rate structure to be revised as follows:
Rs 0-Rs 3 lakh - Nil;
Rs 3-7 lakh - 5%;
Rs 7-10 lakh - 10%;
Rs 10-12 lakh - 15%;
Rs 12-15 lakh - 20%
Above Rs 15 lakh - 30%."
12:32 Corporate tax on foreign companies to be reduced
Other tax-related announcements made by the finance minister are:
Corporate tax rate to be reduced on foreign companies from 40 to 35 per cent
Monetary limit for filing Tax appeals increased to Rs 60 lacs for ITAT, Rs 2 crores for High Courts and Rs 5 crores for Supreme Court
A comprehensive review of the customs duty structure over the next 6 months
TDS rate on e-commerce to be reduced to 0.1%.
Two tax exemption regimes for charities merge into one.
Decriminalise TDS delay up to the filing of tax date
12:28 Standard deduction raised to Rs 75,000 in new tax regime
Standard deduction raised to Rs 75,000 under the new tax regime, announces FM.
12:24 20% TDS on repurchase of MFs withdrawn, says FM
20% TDS on repurchase of Mutual Funds or UTI withdrawn, the finance minister has announced.
She also reduced customs duties on gold and silver to 6% and 6.5% on platinum.
12:21 Angel Tax abolished for all investors
The finance minister has announced the abolition of the unpopular Angel Tax on all classes of investors.
Pic: Pixabay.com
12:15 No customs duty on 3 cancer medicines
Union Finance Minister Nirmala Sitharaman says "Three cancer treatment medicines to be exempt from basic customs duty..."
12:11 Rs 11,500 crore to Bihar for flood mitigation
Other announcements made by Sitharaman in her Budget speech are:
- Street food hub to be set up in select cities
- Govt to provide assistance to Assam for flood management and related projects
- Finance Minister proposes Rs 1.5 lakh cr long-term interest-free loans to support states towards infra development
- Govt will launch Phase IV of PM Gram Sadak Yojana in 25 rural habitations, which have become eligible due to population increase
- Power projects, including setting up a new 2400 MW power plant at Pirpainti in Bihar, will be taken up at a cost of Rs 21,400 crore
- Private sector investment in infrastructure to be facilitated via Viability Gap Funding
- Govt to maintain strong fiscal support for infra projects for next 5 years
- Govt to facilitate investment grade energy audit of micro and small industries in 60 clusters
- PM Surya Ghar Muft Bijli Yojana generated remarkable response with 1.8 crore people registering under it
- Govt to launch 'NPS Vatshalya' for providing pension contribution by parents and guardians
- Govt to support development of Nalanda in Bihar as tourist centre
- Govt to provide Rs 11,500 crore to Bihar for flood mitigation
12:06 Rs 11 lakh cr set aside for infrastructure
Finance Minister Nirmala Sitharaman says, "Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4% of our GDP...Private investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies..."
12:03 Rs 2 lakh cr to provide jobs for 4.1 cr youth
Union Finance Minister Nirmala Sitharaman in her Budget speech proposed the creation of employment of about 4.1 crore youth over the next five years.
Towards it, the finance minister has made an allocation of Rs 2 lakh crore.
Similarly, for skilling the citizens so as to generate job opportunities, she proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period.
A total of 1,000 industrial training institutes will be upgraded, she announced.
She proposed in her speech that a one-time wage would be provided to all first time employees in all sectors. The incentive for first-timers would be provided through Direct Benefit Transfer (DBT).
The finance minister said that the government will launch internship opportunities in 500 companies to one crore youth in five years. Interns will get exposure to real-life environment and an allowance of Rs 5000 per month, she said. The companies will bear training and 10 per cent of training cost from CSR funds.
Sitharaman said employment, skilling, MSME, and middle class are among the key focus areas of this Budget.
11:57 Auction of first offshore mining blocks to be launched
Other announcements Sitharaman made in her Budget speech are:
Govt proposes development of digital public infra application for productivity gains, biz opportunities and innovation by private sector
FM proposes integrated technology platform for improving outcomes under Insolvency and Bankruptcy Code
Govt to set up Critical Mineral Mission to acquire asset overseas
Govt to launch auction of first offshore mining blocks
Govt will facilitate dormitory type rental housing for industrial workers in PPP mode
Govt to promote investment-ready industrial parks in 100 cities
Scheme to support development of 100 weekly haats in 5 years
Govt to come out with interest subsidy scheme to facilitate loans at affordable rates for urban housing
Govt will put in place efficient and transparent rental housing market with enhanced availability
FM proposes transit-oriented development plans for large cities having population of over 30 lakh
Govt will develop digital public infra application in 7 areas, including credit, MSME service delivery
NTPC and BHEL in JV to set up 800 MW super critical thermal power with higher efficiency
PM Surya Ghar Muft Bijli Yojana generated remarkable response with 1.8 crore people registering under it
FM proposes central assistance of Rs 2.2 lakh crore for urban housing over next five years
11:54 Janjatiya Unnat Gram Abhiyan to improve socio-economic conditions of tribals
The government on Tuesday announced the Pradhan Mantri Janjatiya Unnat Gram Abhiyan for improving the socio-economic conditions of tribal communities in the country.
The programme aims at achieving saturation coverage for tribal families in tribal-majority villages and aspirational districts, Union Finance Minister Nirmala Sitharaman said during her budget speech.
The programme will cover 63,000 tribal villages, benefitting 5 crore tribals, she said.
11:50 Working women hostels, creches to be set up
Finance Minister Nirmala Sitharaman says, "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."
11:46 Internship at 500 top cos for 1 cr youth
Presenting Union Budget, Finance Minister Nirmala Sitharaman says, "The Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000."
11:42 Rs 3 lakh crore for schemes benefiting women, girls
Other announcements Sitharaman made in her Budget speech are:
- Credit guarantee scheme for MSMEs to facilitate term loans without collateral or third party guarantee
- Govt to launch saturation drive under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN)
- Budget provides Rs 2.66 lakh crore for rural development 100 branches of India Post Payments Bank to be set up in North East
- Govt to facilitate special financial support for development of capital city in Andhra Pradesh
- Backward region grant will be provided to 3 districts of Andhra Pradesh
- Govt allocates over Rs 3 lakh crore for schemes benefiting women, girls
11:39 Rs 26,000 cr for Bihar's roads
The Centre on Tuesday proposed an outlay of Rs 26,000 crore for various road projects in Bihar.
In her Budget for 2024-25, Finance Minister Nirmala Sitharaman said the Union government will arrange financial assistance to Bihar through aid from multilateral development agencies.
The government will also set up airports, medical colleges and sports infrastructure in Bihar, she said.
The Centre will also formulate plan 'Purvodaya' for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
Sitharaman further said the government will support industrial corridor for development in the eastern region.
11:37 Credit guarantee scheme for MSMEs
ON MSMEs, Finance Minister Nirmala 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..."
11:35 Skilling scheme to benefit 20 lakh youth
The government on Tuesday announced a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years. The announcement was made by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25.
The minister said that model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.
As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model. Besides, the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.
Sitharaman said the new centrally-sponsored scheme for skilling in collaboration with states and industry will train 20 lakh youth over a period of five years.
11:32
Other announcements the finance minister made in her Budget speech are:
- Govt to set up working women hostels to promote women participation in workforce
- Govt to provide funds to private sector, domain experts & others for developing climate-resilient seeds
- Govt to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution
- Govt proposes Rs 26,000 crore for various road projects in Bihar. We will formulate plan Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. An industrial corridor for development in eastern region
- Govt to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount
- Govt to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions
- 1,000 ITIs to be upgraded in hub and spoke model
- Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh
11:30 One month wages to be given for new employees: FM
'One month wages to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth,' announces Sitharaman.
11:25 3 job-linked incentive schemes coming
'Our government will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers,' announces Sitharaman
11:22 Rs 1.52 lakh cr allotted for agriculture
The allocation for agriculture and allied sectors this year is Rs 1.52 lakh crore, announces Sitharaman.
11:21 National Cooperation Policy to be brought in
Among other things Sitharaman announced are:
Govt will bring National Cooperation Policy for overall development:
Government to strengthen production, storage and marketing of pulses
Fast-tracking growth of rural economy and employment opportunity will be policy goal
Govt will provide finance for shrimp farming and marketing
Jan Samarth-based Kisan Credit Card to be introduced in five states
11:19 1 crore farmers to be initiated into natural farming
Finance Minister Nirmala Sitharaman says, "New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding..."
11:18 Rs 1.48 lakh cr for skilling, says FM
Rs 1.48 lakh cr has been provided for skilling and education, says Sitharaman.
11:12 FM outlines 4 core areas of Budget
Budget will focus on employment, skilling, MSME and middle class, says FM in her speech.
11:10 Inflation moving towards 4pc target: Sitharaman
India's inflation continues to be stable and moving towards 4 pc target; core inflation stands at 3.1 pc, says finance minister in her budget speech.
11:04 Sitharaman begins her Budget speech
Finance Minister begins her Budget speech in Parliament on Tuesday.
This is her seventh straight budget on Tuesday for 2024-25, surpassing the record of former prime minister Morarji Desai.
Prime Minister Narendra Modi-led government's first budget of the third term in office is widely expected to reinforce post-pandemic fiscal consolidation efforts while pursuing the long-term objectives of Viksit Bharat.
10:56 Cabinet approves Union Budget 2024
The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the full budget for 2024-25, sources said.
Following this, Finance Minister Nirmala Sitharaman will present her seventh budget in the Lok Sabha.
Sitharaman, the first full-time woman finance minister of the country, has presented five full budgets since July 2019 and an interim budget on February 1, 2024.
This is the first budget of the BJP-led NDA government in its third term in office.
10:48 FM arrives in Parliament, all set for Budget
Finance Minister Nirmala Sitharaman arrived in Parliament to present the Union Budget for 2024-25.
Earlier, Sitharaman met President Droupadi Murmu at Rashtrapati Bhavan, ahead of the Budget presentation at 11 am.
The finance minister left the North Block offices of the finance ministry with a copy of the Union Budget 2024-25 which as has been tradition, is in a digital format.
The finance minister along with her team posed for a photo opportunity along with the red bahi katha digital tablet before they left for Rashtrapati Bhavan.
10:38 Sitharaman meets President ahead of Budget
Finance Minister Nirmala Sitharaman on Tuesday called on President Droupadi Murmu before presenting the full Budget for 2024-25.
As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament.
President Murmu offered dahi-chini (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget.
The Union Cabinet met thereafter to clear the Budget.
Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025).
Expectations are running high as Sitharaman presents her seventh Budget in the Lok Sabha on Tuesday. The Budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation.
Sitharaman continued with the tradition she set in 2019, carrying the budget speech in a bahi-khata, which she used after dropping the briefcase tradition. She keeps a digital tablet in a red bahi khata style pouch.
The economy is projected to expand by 6.5-7 per cent in the current fiscal, as per the Economic Survey tabled in Parliament on Monday.
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