A Brief highlights for India Budget 2024
India Budget 2024 :
The Indian government recently presented its annual budget for the financial year 2024. The budget, which was presented by Finance Minister Nirmala Sitharaman, outlines the government’s plans for spending and revenue collection for the next financial year. In this article, we’ll take a closer look at some of the key highlights from India’s 2024 budget.
Govt’s expenditure Budget 2024 on major items
- Defence: 4,54,773 cr
- Rural Development: 2,65,808 cr
- Agriculture and Allied Activities: 1,51,851 cr
- Home Affairs: 1,50,983 cr
- Education: 1,25,638 cr
- IT and Telecom: 1,16,342 cr
- Health: 89,287 cr
- Energy: 68,769 cr
- Social Welfare: 56,501 cr
- Commerce & Industry: 56,501 cr
- Budget focus on employment, skilling, MSMEs and middle class
- Finance Minister Nirmala Sitharaman announced that the government will provide Rs 11.11 trillion towards infrastructure spending in 2024-25.
- Rs 2 lakh crore package announced for five schemes aimed at facilitating employment and skilling
- Allocation of 1.48 lakh crore under five schemes for education, employment and skilling
- First priority is productivity and resilience in agriculture
- 1 crore farmers will be initiated into natural farming
- Rs 1.52 trillion provision for Agri and Allied sectors
- Government announces financial support for loans up to Rs 10 lakh for higher education
- Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 trillion
- Govt enhances limit of MUDRA loans to Rs 20 lakh From 10 lakh
- Budget provides Rs 2.66 lakh crore for rural development
- 12 industrial parks will be sanctioned
- Govt announces Rs 2.2 lakh crore push to make housing more affordable
- 100 branches of India Post Payments Bank to be set up in North East
- FinMin proposes transit-oriented development plans for cities with Rs 30 lakh
- Fiscal deficit estimated at 4.9% of GDP
- Govt to increase 10 to 15% on PCBA on specific telecom equipment
- Fiscal deficit for FY25 further brought down to 4.9 from 5.1% in interim Budget
Total receipts estimated at Rs 32.07 trillion, expenditure at Rs 48. 21 trillion in FY25 - FM announces changes in new tax regime — Standard deduction proposed to increased to Rs 75,000 from Rs 50,000
- Angel tax abolished, Corporate tax rate on foreign companies has been reduced to 25 per cent.
- Finance Minister hiked the tax on long-term capital gains from 10 per cent to 12.5 per cent, short-term capital gains will attract 20 per cent tax from 15%.
- PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month
- The defense outlay has been set at Rs 4.56 lakh crore, compared to Rs 4.55 lakh crore previously.
- FinMin announces flood assistance for Bihar, Himachal, Assam, Uttarakhand and Sikkim
The tax structure will be revised as follows:-
- Income up to 3 lakh — No tax
- Rs 3-7 lakh — 5 per cent
- Rs 7-10 lakh — 10 per cent
- Rs 10-12 lakh — 15 per cent
- Rs 12-15 lakh — 20 per cent
- Income above 15 lakh — 30 per cent
Note-Salaried employee in new tax regime will save up to Rs 17,500 in income tax
Nine priorities for this year and coming years
- Productivity and resilience in Agriculture
- Employment and skilling
- Inclusive HRD and social justice
- Mfg & services
- Urban development
- Energy security
- Infra
- Innovation, R&D
- Next generation reforms
All that govt has announced for urban development
- Stamp Duty: Encouraging states to lower stamp duties for properties purchased by women
- Street Markets: Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities
- Transit Oriented Development: Transit Oriented Development plans for 14 large cities with a population above 30 lakh
- Water Management: Promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects
FM Sitharaman announces 3 schemes for employment linked incentives
- First timers (one month wage to new entrants in all formal sectors.)
- job creation in manufacturing (incentive to employees and employers wrt EPFO guidelines)
- Support to employees (additional employment in all sectors, scheme to incentive additional employment of 50 lakh people)
Financial aid to Bihar
- “We will support the development of an industrial nod at Gaya in Bihar.
- It will catalyse the development of the easter region.
- We will also support the development of road connectivity projects- Patna -Purnea expressway, Buxar- Bhagalpur highway, Bodhgaya- Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for Rs 26,000 crores.”
Here’s all what Andhra is getting from Modi 3.0’s Budget
- Union Budget 2024 Live Updates: Financial support of Rs 15,000 crores will be arranged in FY 24-25
- Completion of Polavaram Irrigation Project ensuring food security of the nation
- Essential infrastructure such as water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor.
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