Budget of India 2024 latest update

Budget of India 2024 latest update :

On Tuesday, July 23, Finance Minister Nirmala Sitharaman presented the inaugural budget of the Modi 3.0 administration. Among the key highlights were an increase in the standard deduction and revised tax rates for salaried individuals under the new tax regime. Additionally, the budget included reductions in customs duties on gold, silver, mobile phones, and other goods.

The Centre’s capital expenditure for FY25 is projected to be ₹11.1 lakh crore, consistent with the Interim Budget. Infrastructure spending is pegged at 3.4% of GDP.

Revised tax rate under New Tax Regime as follows:

Here is the same information presented differently:

• Income up to ₹3 lakh: No tax
• Income from ₹3 lakh to ₹7 lakh: 5% tax
• Income from ₹7 lakh to ₹10 lakh: 10% tax
• Income from ₹10 lakh to ₹12 lakh: 15% tax
• Income from ₹12 lakh to ₹15 lakh: 20% tax
• Income above ₹15 lakh: 30% tax

Key Takeaways from the Budget So Far :

Employment and Skill Development:

1. Five Strategic Initiatives: Targeting 41 million youth over the next five years with a central budget allocation of ₹2 trillion.
2. Extensive Internship Program: Providing internships to 10 million youth in leading companies over the span of five years.
3. Employment Incentives: Offering wage support equivalent to one month’s salary for first-time employees.
4. Women-Focused Skilling Programs: Enhancing skill development and workforce participation specifically for women.

Focus on MSMEs and Manufacturing Sector:

• Introduction of a credit guarantee scheme and term loans for purchasing machinery.
• Provision of a technology support package for MSMEs.
• SIDBI to establish 24 new branches dedicated to serving MSME clusters.

Financial Initiatives:

• The Mudra loan limit has been increased from ₹10 lakh to ₹20 lakh for existing borrowers.
• Financial support is available for higher education loans up to ₹10 lakh for students attending domestic institutions.
• An integrated technology system has been established for the Insolvency and Bankruptcy Code (IBC).

Agriculture and Rural Development:

• A provision of ₹2.66 lakh crore has been allocated for rural development.
• Agricultural research is being transformed to focus on productivity and climate-resilient crop varieties.
• An initiative aims to introduce 1 crore farmers to natural farming over the next two years.

Infrastructure and Regional Development:

• Rental housing will be provided in PPP mode for industrial workers.
• Andhra Pradesh will receive special financial support amounting to ₹15,000 crore.
• Bihar will see the development of new airports, medical facilities, and sports infrastructure.

Economic Outlook:

• Inflation is trending towards the 4% target.
• India’s economic growth has been described as a “shining exception.”
• Efforts are being made to create jobs and boost consumption, potentially benefiting the consumer goods, real estate, and auto sectors.

Nine Priority Areas:

• The focus areas include Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms.

Women-Led Development:

• Over ₹3 lakh crore has been allocated for schemes benefiting women and girls.

Social Welfare:

• The PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) has been extended for five years, benefiting over 80 crore people.

Digital and Technological Advancements:

Development of Digital Public Infrastructure (DPI) applications is underway for credit, e-commerce, law and justice, and corporate governance.

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