The Budget 2024 Overview

 

Highlights of Budget 2024-25

Union Budget 2024-25 mostly revolved around the themes of Employment, Skilling, MSME, and the Middle Class.

  • Agriculture and Allied Sectors:

    • ₹1.52 lakh crore allocated

  • Key Schemes:

    • ₹2 lakh crore allocated for five major schemes

  • Andhra Pradesh Capital:

    • ₹15,000 crore financial support for the new capital city

  • Employment:

    • First-time employees to receive one month's wage in three instalments through EPFO

  • Education:

    • Up to ₹10 lakh support for students pursuing studies in domestic institutions

  • Infrastructure:

    • ₹26,000 crore for highway development in Bihar

    • ₹2.66 lakh crore for rural development and infrastructure

    • Construction of three crore additional houses under PM Awas Yojana

    • Approval of 12 new industrial parks

    • ₹11.11 lakh crore for capital expenditure, constituting about 3.4% of GDP

    • ₹11,500 crore for flood mitigation in Bihar

    • ₹10 lakh crore provision for PM Urban Housing 2.0 over the next five years

  • MSME and Manufacturing:

    • Introduction of a credit guarantee scheme

    • Provision of collateral-free loans

    • Enhancement of the Mudra loan limit from ₹10 lakh to ₹20 lakh

  • Research and Innovation:

    • ₹1 lakh crore allocated

  • Fiscal Outlook:

    • Fiscal deficit projected at 4.9% of GDP

    • Receipts estimated at ₹32.07 lakh crore

    • Expenditures estimated at ₹48.21 lakh crore

    • Gross market borrowing target set at ₹14.01 lakh crore

  • Custom Duties:

    • Reduction of custom duty on gold and silver to 6%

    • Reduction of custom duties on mobile phones, chargers, and PCBA

  • Capital Gains Tax:

    • Increase in Long Term Capital Gains tax from 10% to 12.5%

    • Increase in Short Term Capital Gains tax from 15% to 20%

  • Angel Tax:

    • Abolished

  • New Tax Regime:

    • Standard deduction for salaried individuals increased from ₹50,000 to ₹75,000

    • Income tax rates:

      • 0 to 3 lakh - Nil

      • 3 to 7 lakh - 5%

      • 7 to 10 lakh - 10%

      • 10 to 12 lakh - 15%

      • 12 to 15 lakh - 20%

      • Above 15 lakh - 30%


Edited by:

Enakshi Ganguly



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