Here are the key updates on the Indian Budget 2024 presented by Finance Minister Nirmala Sitharaman
Focus areas: agriculture employment, productivity and skills, human resources, social justice, manufacturing, urban development, energy security, infrastructure, innovation, and reforms
₹1.48 lakh crore issue for education, employment, and skills development. Initiative for one crore farmers to adopt natural farming, supported by scientific institutions and Gram Panchayats
Incentives for 30 lakh youth entering the job market, including one month’s PF contribution. Benefits extended to Bihar and Andhra Pradesh, but no special package was announced
Savings of ₹17,500 are expected. Up to ₹3 lakh: No Tax ₹3 lakh to ₹7 lakh: 5% Tax ₹7 lakh to ₹10 lakh: 10% Tax ₹10 lakh to ₹12 lakh: 15% Tax ₹15 lakh and above: 30% Tax
– FY25 fiscal deficit is projected at 4.9% of GDP, down from 5.1%. – Expenditure: ₹48.21 lakh crore; Receipts: ₹32.07 lakh crore
– ₹1.52 lakh crore allocated. – Establishment of 10,000 bioresearch centers. – Natural farming for 1 crore farmers. – Support for shrimp breeding and NABARD export facilitation. – Kisan Credit Cards in 5-states registration of 6 cr farmer
₹2 lakh crore was allocated to create 4.1 crore job opportunities over five years.
– ₹2.66 lakh crore for rural infrastructure. – Additional 30,000,000 houses under PM Awas Yojana
– Upgrade of 1,000 ITIs in five years. – Skills training for one crore youth, including internships with allowance
Savings of ₹17,500 are expected. Up to ₹3 lakh: No Tax ₹3 lakh to ₹7 lakh: 5% Tax ₹7 lakh to ₹10 lakh: 10% Tax ₹10 lakh to ₹12 lakh: 15% Tax ₹15 lakh and above: 30% Tax
– Loans up to ₹7.5 lakh with government guarantees. – E-vouchers for higher education loans up to ₹10 lakh
– Creation of industrial parks in 100 cities. – Focus on domestic production, recycling, and mineral acquisition