Comprehensive Breakdown of Budget 2024: Live Updates & Highlights
Introduction:
Today, the Indian Finance Minister is presenting the Union Budget 2024, outlining the government’s economic strategy and fiscal policies for the coming year. This budget is crucial as it addresses various sectors such as infrastructure, healthcare, agriculture, and education, while focusing on economic growth and fiscal stability.
Budget 2024 Date and Time:
The Union Budget 2024 is being presented on July 23, 2024, at 11:00 AM IST. This annual event sets the financial agenda for the nation and impacts every citizen.
Key Highlights of Budget 2024:
₹2 Lakh Crore for New Schemes: FM Sitharaman announced ₹2 lakh crore for five new schemes, emphasizing job creation and skilling for 4.1 crore youth.
Budgetary Priorities:
- Productivity in Agriculture
- Employment and Skill Development
- Social Justice and Inclusion
- Manufacturing and Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation and Research
- Next-Generation Reforms
Agriculture Sector Announcements:
- ₹1.52 lakh crore allocated for agriculture and allied sectors.
- Establishment of 10,000 bio-research centers.
- Support for 1 crore farmers in natural farming with branding and certification.
- Development of vegetable production clusters near consumption centers.
- Financial support for shrimp breeding and export facilitation.
- Launch of Kisan Credit Cards in five states.
- Release of 109 varieties of 32 crops.
Employment Linked Incentives: Three schemes announced for employment-linked incentives:
- Scheme A: First-time employees to receive one month’s wage as a direct benefit transfer.
- Scheme B: Incentives for job creation in the manufacturing sector.
- Scheme C: Reimbursement to employers for EPFO contributions for new employees.
Model Skill Loan Scheme Revision:
- Loans up to ₹7.5 lakh with a government guarantee for 25,000 students annually.
- E-vouchers for loans up to ₹10 lakh for higher education with interest subvention.
MSME Announcements:
- New mechanism for bank credit continuity during stress periods.
- Increased Mudra loan limit from ₹10 lakh to ₹20 lakh.
- Reduced turnover threshold for TReDS platform onboarding.
- Financial support for multi-product food irradiation units.
- E-commerce export hubs to be set up in PPP mode.
Skilling and Industrial Development:
- Upgrade of 1,000 ITIs in hub and spoke arrangements.
- Internship programs for 1 crore youth with a monthly allowance of ₹5,000.
- Development of industrial parks in or near 100 cities.
Fiscal Deficit and Economic Projections:
- FY25 fiscal deficit projected at 4.9% of GDP, down from 5.1%.
- Total expenditure for FY25 seen at ₹48.21 lakh crore, with receipts at ₹32.07 lakh crore.
Custom Duties Adjustments:
- Reduction in customs duties on gold, silver, platinum, lithium, copper, and cobalt.
- Exemptions for capital goods used in solar cell and panel manufacturing.
Capital Gain Taxes Revisions:
- Short-term capital gain tax on financial assets raised to 20%.
- Long-term capital gain tax on financial assets revised to 12.5%.
- TDS rate on e-commerce transactions reduced to 0.1%.
Income Tax Rate Structure:
- New income tax slabs introduced, offering significant savings for taxpayers.
- ₹0-3 lakh: Nil
- ₹3-7 lakh: 5%
- ₹7-10 lakh: 10%
- ₹10-12 lakh: 15%
- ₹15 lakh and above: 30%
Other Tax Proposals:
- Abolition of Angel tax for all investors.
- Simplified tax regime for domestic cruises.
- Corporate tax rate on foreign companies reduced to 35%.
Budget Expenditure on Major Sectors:
- Defence: ₹4,54,773 crore
- Rural Development: ₹2,65,808 crore
- Agriculture: ₹1,51,851 crore
- Home Affairs: ₹1,50,983 crore
- Education: ₹1,25,638 crore
- IT and Telecom: ₹1,16,342 crore
- Health: ₹89,287 crore
- Energy: ₹68,769 crore
- Social Welfare: ₹56,501 crore
- Commerce & Industry: ₹47,559 crore
Conclusion:
The Union Budget 2024 emphasizes economic growth, infrastructure development, and social welfare. It aims to create a balanced and sustainable economic environment through strategic fiscal policies and targeted investments.
For more detailed insights and live updates on the Union Budget 2024, follow official announcements and expert analyses. You must stay updated to take informative financial decisions, to read such informative articles please visit and sign up to Tapinvest.in
