Union Budget 2024 Highlights: Things to Expect from Union Budget 2024

Your thoughts?

Do you think Union Budget 2024 will be progressive and prioritise fiscal consolidation over expansion?

Yes

Balanced

Did you know?

The word Budget has its roots in the French word “bougette”, which means a small leather bag.

VP Singh presented a budget in 1986 that became known as the Carrot & Stick budget because it had penalties & incentives.

Manmohan Singh in 1991 delivered a 18,650-word-long budget while FM Hirubhai Mulljibhai Patel delivered the shortest at 800 words in 1977.

The first Budget of India was introduced in the year 1860 when the country was under British rule.

Despite being Finance Ministers, K.C. Neogy & H.N. Bahuguna are the only ones to have not presented a Union Budget.

Morarji Desai is the only Finance Minister to have presented the Budget on leap days (29th Feb, 1964 & 29th Feb, 1968), which was also his birthday.

Are you Budget Savvy?

1/10

Budget jargons simplified

Populist budget

A fiscal plan that focuses more on putting money in the hands of citizens through handouts, subsidies and tax breaks or cuts. This entails higher spending on revenue items and focuses on short-term benefits.

Progressive budget

A progressive budget usually doesn’t levy taxes on those who are not well-off and progressively raises taxes on those who can pay more because of their higher incomes. Similarly, expenditure or subsidies and handouts are given to those with lesser means.

Fiscal consolidation

A budget plan that seeks to reduce the budget and/or fiscal deficit. This includes giving a guide path as to how the deficit of expenditure over revenues will be brought down to a pre-determined level.

Fiscal expansion

When the government wants to spend more than its revenues to give a boost to the economy, it resorts to fiscal expansion. This will entail higher borrowings to finance the expenditure. The expansion relates to higher spending by the government than in the earlier year(s).

Fiscal policy

This is part of the economic policy repertoire that a government has in its kitty. It is related to tax policy and raising revenue, and government expenditure. Fiscal policy uses revenues and expenditure to influence economic growth.

Capital budget

This refers to the part of a government’s budget that is either capital receipts or capital expenditure, or both together. Capital expenditure pertains to government expenditure that is used to create capital assets. Capital receipts are receipts like money raised through bonds, grants received from foreign government or multilateral agencies, etc.

Revenue budget

Revenue budget refers to recurring expenditure or revenue, or both. Expenditure that is incurred every year by the government which doesn’t create any assets is usually referred to as revenue expenditure.

Direct & Indirect Taxes

Direct taxes, like income & wealth taxes, are called so because the person who is liable to pay the tax and who pays it are the same. In indirect taxes even though the liability to pay the tax may be on one person, it can be passed on, and collected from another person.

Sectors in Focus

Open your Lifetime Free Brokerage Account

+91

Have a partner code? Please agree to all Terms & Conditions and Privacy Policy
I have read & understood the T&C and privacy policy

Articles

Upcoming Union Budget: Sector in Focus – Affordable Housing

Learn about the significant allocations to the Pradhan Mantri Awas Yojana (PMAY), tax benefits, and public-private partnerships aimed at expanding access to affordable housing. Understand how these measures support the 'Housing for All' mission and present investment opportunities in the real estate sector.

Union Budget 2024: Sector in Focus – Defence

As India awaits the first Union Budget of the NDA 3.0 government, the defence sector remains a critical area of focus. Several defence stocks have seen a major rally in recent times with many of them

Investment strategy for Union Budget 2024

As the Union Budget 2024-25 approaches, speculations are rife about its potential impact on various sectors, including personal finance. Investors and traders often make decisions based on these

Upcoming Union Budget: Sector in Focus – Renewable Energy

India has an ambitious renewable energy ambition, with nearly 500 GW of installed renewable and non-conventional sources by 2030. The upcoming Union Budget is expected to follow in the footsteps of the

Upcoming Union Budget: Sector in Focus – Infrastructure

As we approach the announcement of the Union Budget later this month, the infrastructure sector is at the forefront of discussions.

Union Budget 2024
at a glance

The Union Budget was announced on 23rd July 2024 by FM Nirmala Sitharaman. Being the first budget after the formation of the Government...

New Income Tax Slabs
for FY2024-25

During her Union Budget 2024 speech, Finance Minister Nirmala Sitharaman made small tweaks to the income tax rates under...

Capital Gains Regime
in India Explained

Budget 2024 initiated a complete revamp of the capital gains tax regime in India by streamlining the holding period rules...

STT increase on F&O-
All you need to know

The Union Budget 2024 proposes to hike securities transaction tax (or STT) on futures and options...

What are the taxation
changes on mutual funds?

The Union Budget 2024 had a full set of changes introduced on how income from mutual funds...

Employment-linked incentive
schemes worth ₹2 lakh crore to boost job creation in Budget 2024

The government’s focus on economic growth was led by rapid infrastructure growth...

All about government’s
employment-linked incentive scheme

Union Budget 2024 laid a great emphasis on employment creation. Part of the Prime Minister’s...

Tax Reforms and incentives
in Union Budget 2024

The Union Budget 2024 contained many measure that are focused towards providing incentives...

Power your investments with our smart trading platforms

10 million+
App downloads
1-Click
Order Placement
2,203 Crore+
Average Daily Turnover

Download App

I understand that my account would be opened as per name appearing in Income Tax records and the same would be activated after all procedure relating to client due diligence in accordance with regulatory guidelines is completed.
I authorize Mirae Asset Capital Markets (India) Private Limited (“MACM”) to contact me including but not restricted to call/sms and sending WhatsApp communication to me even though my mobile no. may be registered under DND/DNC Registry.
I authorize MACM to undertake my KYC online through KRA/Aadhaar/Digi locker based on authentication of opening Trading and Demat account with MACM.
The account opening charges once paid will not be refunded under any circumstances. Client need to complete his/her account opening journey within six months from date of the payment. In case the client resumes his/her account opening journey after six months from date of payment, it will be considered as fresh/new application and he/she will have to again pay the account opening charges prevalent at the time of fresh/new application.
I understand that Investment in securities markets are subject to marketrisks, please read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limits.
I confirm having read/been explained and understood the contents of the document of Policy and Procedures of the Stock broker and the tariff sheet. I further confirm having read and understood the contents of the Rights and Obligations document, Risk Disclosure Document, Guidance Note, Additional Terms & Conditions & Tariff Sheet for Trading and Demat. I do hereby agree to be bound by such provisions as outlined in these documents. I have also been informed that the standard set of documents has been displayed for information on website www.mstock.com.The Rules & Regulations of the Depository and Depository Participant, pertaining to an account which is in force now, have been read by me/us and I/We have understood the same and I agree to abide by and to be bound by the rules as are in force from time to time for such account. You can view/download the same by clicking https://bit.ly/3CPMZ5k

Zero Brokerage

17 Lakh +

Budget Updates

Sectors in Focus

Low-Cost Housing

Infrastructure