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%
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