Budget 2024: Roadmap for ‘Viksit Bharat’
Updated: Jul 24
The budget for 2024-25 presented by Hon'ble Finance Minister, Smt. Nirmala Sitharaman, laid multi-dimensional blueprints to achieve the goal of a 'Viksit Bharat' with a focus on nine selected sectors: agriculture and allied services, employment and job creation, social justice, manufacturing, urban infrastructure, energy security, infrastructure and investment, innovation and R&D, and next-generation reforms.
Table of content
Quick Links
Watch the Live Budget Speech.
Download the Budget Speech from here
Download the Key Features of Budget from here
Join TaxBuddy’s Twitter Space on 23 July 2024, for a Live Discussion on Union Budget 2024. Participate in the conversation and get expert insights at https://x.com/TaxBuddy1/status/1815697918034125272.
Budget 2024: Key Priorities and Initiatives
Agriculture and Rural Development:
Reform in Agriculture Research: The entire agriculture research set-up shall be revised for serving the twin purpose of increasing productivity and climate-resilient varieties.
New Crop Varieties: 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released.
Natural Farming: 1 crore farmers will be initiated into natural farming with certification and branding support. 10,000 bio-input resource centres will be established.
Pulses and Oilseeds: Production, storage, and marketing will be strengthened to achieve self-sufficiency.
Vegetable Clusters: Promoting large clusters for vegetable production in proximity to major consumption centers.
Digital Public Infrastructure (DPI): Expanding DPI in agriculture to farmers and their lands in three years, with digital crop surveys done in 400 districts.
Employment & Skilling:
Participation of Women in Workforce: Collaboration with the industry to set up working women hostels and creches.
Wage-Related Benefits: One month's wage to new entrants in all formal sectors up to ₹15,000.
EPFO Contributions: Incentives to employees and employers for the first four years.
Job Creation: Government reimbursement for EPFO contribution up to ₹3000 per month for new recruits.
Skilling Program: Empowering 20 lakh youth in 5 years through upgraded Industrial Training Institutes.
Social Justice and Human Resource Development:
Women's and Tribal Development: Over ₹3 lakh crore for various schemes for Women and girls, and for tribal communities through pradhan Mantri Janjatiya Unnat Gram Abhiyan.
Assistance for North East: Over 100 branches of India Post Payment Bank in the NorthEast region.
Andhra Pradesh Reorganisation Act: ₹15,000 crore & Polavaram Irrigation Project Completion.
Manufacturing & MSMEs:
National Industrial Corridor Development Programme: Setting up twelve industrial parks.
Support to MSMEs: Credit Guarantee Scheme, extending Mudra Loans and mandatorily on boarding in Trade Receivables electronic Discounting System (TReDS).
Rental Housing: Dormitory type accommodation for industrial workers in PPP mode.
Urban Development:
Housing: PM Awas Yojana Urban 2.0 with an investment of ₹10 lakh crore for the present and future - housing needs.
Water Management: Promoting projects in 100 large cities for water supply, sewage treatment, and solid waste management.
Energy and Infrastructure:
Clean Energy Initiatives: Financial support for shifting micro and small industries to cleaner forms of energy, investment-grade energy audits.
Infrastructure Development: ₹11,11,111 crore outlay for infrastructure; PMGSY IV, too, to be launched for rural connectivity.
Innovation & R&D:
Research Fund: Operationalization of the Anusandhan National Research Fund.
Innovation in the Private Sector: ₹1 lakh crore financing pool for research and innovation driven by the private sector.
Budget 2024: Tax Proposals
Direct Tax Proposals:
Standard Deduction: ₹50,000 has been increased to ₹75,000 for salaried employees under the New Tax Regime.
Revision in Family Pension Deduction: From ₹15,000 to ₹25,000 for pensioners.
Capital Gains Tax:
Capital gains holding periods are fixed at 12 months for listed securities, 24 months for other assets.
Short-term Capital Gains: The rate of tax for financial assets is raised to 20%.
LTCG: Long-term capital gains are increased to 12.5% on specified assets and are reduced from 20% to 12.5% in the case of property sales with the withdrawal of indexation benefits.
Exemption Limit: Raised from ₹1 lakh to ₹1.25 lakh per annum.
Customs Duty Proposals:
Reduction in Duty on Imports: Basic Custom Duty (BCD) on gold and silver is now 6% and on platinum at 6.4%.
Support to Mobile Industry: BCD on mobile phones, PCBA, and chargers are now at the rate of 15%.
Incentivizing Renewable Energy: Exemption of basic customs duty on critical minerals for the manufacture of solar cells and panels.
Marine Exports: BCD on shrimp and fish feed reduced to 5%.
Simplification and Rationalization:
Abolition of Angel Tax: For all classes of investors.
Corporate Tax Reduction: In respect of foreign companies, it was cut down from 40% to 35%.
Budget 2024: Financial Allocations
Defense: ₹4,54,773 crore
Agriculture and Allied Activities: ₹1,51,851 crore
Health: ₹89,287 crore
Education: ₹1,25,638 crore
Social Welfare: ₹56,501 crore
Major Schemes:
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): Allocated ₹60,000 crore for 2024-25.
Direct Benefit Transfer (LPG): Allocated ₹1,300 crore.
Related Posts
See AllIn India, one of the most well-liked government-sponsored savings plans is the Public Provident Fund (PPF) account. The PPF plan, which...
Credit card companies make it easy to take out cash from ATMs or banks, giving you quick access to money when required. However, to make...
Everybody has to deal with personal finance at some point. You will have plenty of costs and obligations when you get older and begin...
Comentários