The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, focuses on several key areas, aiming to drive growth and support various sectors of the economy. The Budget 2024 is a comprehensive financial plan presented by the government, outlining its revenue and expenditure projections for the upcoming fiscal year.
Key Highlights of Budget 2024:-
- Taxation:
- Revised tax rates under the new tax regime.
- Increased standard deduction and revised tax rates for salaried individuals.
- Cut on customs duty on gold, silver, mobile phones and other goods.
- Revised tax rate under New Tax Regime as follows:–
- ₹0-3 lakh – nil tax
- – ₹3-7 lakh – 5%
- – ₹7-10 lakh – 10%
- – ₹10-12 lakh – 15%
- – ₹12-15 lakh – 20%
- – Above ₹15 lakh – 30%
- Job Creation and Skilling:
- Five schemes to focus on 4.1 crore youth over five years with a central outlay of ₹2 lakh crore.
- Comprehensive internship scheme for one crore youth in top companies over five years.
- Employment-linked incentives, including one month’s wage support for first-time employees.
- Infrastructure Development:
- Centre’s FY25 Capex spend seen at ₹11.1 lakh crore — unchanged from Interim Budget.
- Infrastructure spend at 3.4% of GDP.
- Allocation for an interest-free loan to states for infrastructure spending is now ₹1.5 trillion.
- MSMEs and Manufacturing:
- Credit guarantee scheme and term loans for machinery purchase.
- Technology support package for MSMEs.
- SIDBI to open 24 new branches to serve MSME clusters.
- Rural Development:
- ₹2.66 lakh crore provision for rural development.
- Transformation of agricultural research to focus on productivity and climate-resilient crop varieties.
- Initiative to introduce 1 crore farmers to natural farming over 2 years.
- Other Initiatives:
- Rental housing in PPP mode for industrial workers.
- Special financial support of ₹15,000 crore for Andhra Pradesh.
- New airports, medical facilities, and sports infrastructure for Bihar.
- Housing:
Under PMAY Urban Housing 2.0, the housing needs of people will be addressed with a budget 2024 of ₹10 lakh crore. - Fiscal Deficit:
Fiscal deficit estimate for FY25 is 4.9% of the gross domestic product (GDP), as compared to 4.5% in FY24. - Railways:
The allocation to the ministry of railways in FY25 is ₹2,55,393 lakh crores, which is around 5.3% of the total expenditure. The net revenue in FY ‘25 is budgeted to be at ₹2,800 crores, as compared to the revised estimate of ₹2,000 crores in FY ‘24. - Defense:
Sitharaman announced an allocation of ₹6.21 lakh crore for the defense sector for FY25. - Tourism:
The government will provide assistance to Odisha for the development of tourism and support the development of corridors at Vishnupad Temple and Mahabodhi Temple. - Healthcare:
The government exempted three more cancer treatment drugs from customs duty. - Agriculture:
Finance Minister Nirmala Sitharaman allocated ₹1.52 lakh crore to the agriculture and allied sectors. Substantial funding will be provided for R&D initiatives, particularly focusing on the production, storage, and marketing of pulses and oilseeds. - Energy:
The government proposes to expand the list of exempted capital goods used in manufacturing solar cells and panels.
The Budget 2024 has introduced several initiatives and schemes to benefit Women, including:-
- Mahila Samman Savings Certificate: A new small savings scheme for women, offering a fixed return of 7% per annum for a tenure of 2 years.
- Deen Dayal Upadhyaya Centres: Establishment of 100 Deen Dayal Upadhyaya Centres for skill development and entrepreneurship training for women.
- National Education Policy: Increased focus on girls’ education, with emphasis on STEM education and vocational training.
- PM Awas Yojana – Urban: Allocation of ₹10,000 crore for affordable housing for women, particularly those from low-income backgrounds.
- Maternity Benefits: Extension of maternity benefits to all women, including those in the informal sector.
- Women’s Safety: Allocation of ₹2,400 crore for women’s safety initiatives, including emergency response systems and helplines.
- Rashtriya Mahila Kosh: Revival of the Rashtriya Mahila Kosh, a microfinance scheme for women.
- Schemes for Women Entrepreneurs: Allocation of ₹100 crore for schemes supporting women entrepreneurs, including training and mentorship programs.
- Health and Nutrition: Increased allocation for healthcare and nutrition programs, including the National Nutrition Mission.
- Reservation for Women: Proposal to increase reservation for women in legislatures and local bodies.
These initiatives of budget 2024 aims to promote women’s empowerment, education, entrepreneurship, and overall well-being.
Overall, the Budget 2024 aims to strike a balance between growth, inclusion, and fiscal discipline, while addressing the country’s socio-economic challenges.
CREDITS:-
IMAGE LINKS:- https://www.istockphoto.com/photo/government-budget-binder-data-finance-report-business-with-graph-analysis-in-office-gm1359360000-432731137 https://www.fortuneindia.com/budget-2024/budget-2024-21-lakh-cr-announced-to-fuel-jobs-skilling-of-41-cr-youth/117710
https://www.taxscan.in/know-the-industry-expectations-for-union-budget-2024/354254/
https://marvalousupdate.com/arvind-kejriwal-health-update-2024/
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