Budget 2025 Live Updates: Finance minister Nirmala Sitharaman presents Budget 2025
New Delhi: Union Finance Minister Nirmala Sitharaman has begun presenting the Union Budget, her eighth consecutive one.
Here are the live and important updates of Union Budget 2024:
12:05 PM: No income tax payable upto annual income upto Rs 12 lakh
12:05 PM: Personal income tax reforms with special focus on middle class
12:05 PM: Personal I-T law to focus on middle class
12:00 PM: Direct tax proposals: New I-T Bill will see half of the present law removed; will be simplified for taxpayers
12:00 PM: 36 lifesaving drugs and medicines to be added to the list of medicines fully exempted from Basic Customs Duty
11:55 AM: The modified UDAN (Ude Desh Ka Aam Nagrik) scheme to be launched. Initially introduced in 2016, the scheme aims to enhance regional connectivity and make air travel more affordable.
11:55 AM: The Patna Airport will be expanded. Further farmers in Mithilanchal from a project on a canal system which will help farming in 50,000 hectares in Bihar.
11:55 AM: After announcing the formation of the Makana Board for Makana farmers in Bihar, FM also announced new scheme for Greenfield airport in the state of Bihar, that goes to poll later this year.
11:50 AM: Investment-friendliness index of states to be launched this year
11:50 AM: Finance Minister highlights the significance of MSMEs in India, noting that they contribute around 45% of the country's exports. She emphasised support for 7.5 crore MSMEs and announced plans to enhance credit access for them. India has more than 1 crore registered MSMEs.
11:50 AM: New Income Tax Bill to be brought next week, says FM
11:45 AM: The FM has announced the Nuclear Energy Mission for research, development of small modular reactors with an outlay of Rs 20,000 crore.
11:45 AM: Government will facilitate setting up day-care Cancer centres in all district hospitals in the next 3 years, with 200 centres to be established in 2025-26 itself.
11:40 AM: FM Nirmala Sitharaman announced the setting up of a Centre for Excellence in AI for education with an outlay of Rs 500 crore.
11:40 AM: Term loan of Rs 2 crore for women, first-time entrepreneurs from SC/ST, backward classes
11:35 AM: Broadband connectivity for all government schools: FM
11:35 AM: Jal Jeevan mission to be extended: 100% coverage to be achieved, mission extended till 2028 with enhanced outlay
11:30 AM: Govt to arrange for ID cards, registration of gig workers on e-Shram portal
11:30 AM: Govt to introduce customised credit cards with Rs 5 lakh limit for micro-enterprises: FM.
11:25 AM: 10,000 additional seats in medical colleges next year
11:25 AM: India ranks second largest globally in fishery products. “Our government will bring an enabling framework for sustainable harnessing of fisheries in India’s economic zone.”
11:20 AM: Government will be launching a 6-year programme for Atamnirbharta in pulses with special focus on tur, urad, and masoor.
11:20 AM: The FM has announced the setting up for a new Makana board for Makana farmers in poll bound Bihar.
11:15 AM: The FM announced that Kisan Credit Cards (KCC) will continue to facilitate short-term loans for 7.7 crore farmers, fishermen, and dairy farmers. The loan limit will be enhanced from Rs 3 lakh to Rs 5 lakh.
11:15 AM: The proposed development measures span ten broad areas, focusing on the poor, youth, farmers and women.
11:10 AM: The Budget will place special focus on taxation, the power sector, mining, the financial sector, and regulatory reforms.
11:10 AM: The Finance Minister introduces a new scheme aimed at the agricultural sector, stating that it would benefit approximately 1.7 crore farmers and contribute to the sector's growth.
11:05 AM: No poverty, quality education, high-quality, affordable and comprehensive healthcare: FM on vision for Viksit Bharat
11:05 AM: Union Finance Minister Nirmala Sitharaman, while presenting the Budget, said it continues efforts to accelerate growth and provide inclusive development,
11:00 AM: Finance Minister Nirmala Sitharaman begins presentation of her 8th Union Budget in Lok Sabha.
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
