Union Budget 2024 Highlights

The Union Budget 2024 was presented in Parliament today for the seventh time in a row by Finance Minister Nirmala Sitharaman, breaking the record set by the late Morarji Desai, who delivered six consecutive budgets. Sitharaman declared that Gareeb, women, young, and farmers are the main beneficiaries of the budget. FM Sitharaman declared that he will increase spending, generate employment, and help the middle class. Over the following five years, the government would set aside Rs 2 lakh crore for the development of jobs. The budget, according to her, is primarily concerned with MSMEs, the middle class, jobs, and skill development. FM unveiled fresh plans to boost Bihar's agriculture and massive road and highway bonanza.

Budget 2024 Tax Declarations

Union Budget 2024: Key Points

FM Nirmala Sitharaman declares her understanding.

Key Highlights of the Union Budget 2024: New Tax slabs declared under the New Tax Regime

• Up to Rs 3 lakh: no tax
• Rs 3 -7 lakh: 5 percent
• Rs 7-10 lakh: 10 percent
• Rs 10-12 lakh: 15 percent
• Rs 15 lakh: 30 percent

The New Tax Regime's Standard Deduction has been increased from Rs 30,000 to Rs 75,000. Savings of Rs 17,500. Pensioners' family pension deduction went from Rs. 15,000 to Rs. 25,000.

Union Budget 2024: Key Points

STT went hiked to 0.2 percent from 0.1 percent. STT on Futures and Options was also raised: it was suggested that STT on F&Os be raised to 0.02% and 0.01%, respectively.

TDS on online purchases reduced from 1% to 0.1 percent

Announcements for LTCG and Short-Term Capital Gains in the Budget 2024

Highlights of the Budget 2024: The taxes of capital gains will be greatly simplified: 20% of short-term capital gains. LTCG for certain assets will be 12.5%

Highlights of the 2024 Budget: Debentures and unlisted bonds would be subject to capital gains tax

Highlights of the Union Budget 2024: Elimination of the angel tax for all investor types

Changes to Custom Duty in the 2024 Budget

• The base customs charge on gold, silver, and platinum has been lowered to 6% and 6.4%, respectively.
• Basic customs tax on ferronickel and blister copper is cut; duty on certain telecom equipment is increased to 15% from 10%.
• Customs duties were lowered to 5% on specific shrimp, fish feed, and broodstock.
• Ammonium nitrate has a 10% increase in customs duties, while non-biodegradable plastics have a 25% levy.
• 15% customs duty is being applied on mobile phones, mobile PCBAs, and mobile chargers.
• Customs tariffs on 25 essential minerals are completely waived.
• Increased customs duties on plastic goods

Highlights of the 2024 Budget: The employer-paid portion of NPS rose to 14%.

Foreign corporations now pay a 35% corporate tax rate instead of 40%.

Budget capital expenditure for 2024 is kept at Rs 11.1 lakh crore.

Top Highlights of the Union Budget 2024: Infrastructure spending at the interim budget objective of Rs 11.1 lakh crore

Union Budget 2024 Highlights

Fiscal Deficit in Budget 2024 With a target of 4.5% by the end of the next year, the budget deficit is projected to be 4.9% of GDP for the current fiscal year.

Highlights of the Budget for 2024: The NPS solution will be developed in accordance with the review committee's suggestion.

Key Highlights of the 2024 Budget: Employer NPS deduction increases to14%

India Budget 2024: Key Takeaways

5 crore tribal people would benefit from the 63,000 tribal villages covered by the Pradhan Mantri Janjatiya Unnat Gram Abhiyan. In villages with a tribal majority and aspirational districts, the initiative seeks to achieve saturation coverage for tribal families.

Union Budget 2024 Highlights

The Center will request that states reduce stamp duty. The government should think about reducing taxes even further on homes bought by women.

Budget Highlights for 2024: The establishment of 100 India Post Payments Bank branches in the Northeast by the Center

Highlights of the Union Budget 2024

Twelve industrial parks will be established

Rs 10 lakh crore set aside to build 1 crore residences for the urban poor and middle class

FM Sitharaman announces a vital mineral mission. Government will put first offshore mining blocks up for auction.

Highlights of the Union Budget 2024: A working-class rental housing program was announced. The government will provide industrial workers with PPP-style rental housing in the form of dorms.

Budget 2024's Standout Items: The IBC will be appropriately modified, and tribunals will be strengthened in the following ways: FM within LS.

MSMEs' Budget Announcement

Highlights of the 2024 Budget: Raised eligibility limit for Mudra Loans: The TARUN category borrowers who have taken out and successfully repaid loans would see an increase in the maximum amount available for mudra loans, from Rs 10 lakh to Rs 20 lakh.

The introduction of Credit Guarantee initiatives for MSMEs is one of the highlights of the India Budget 2024. For larger loan amounts, a guarantee cover of Rs 100 crore will be given.

Andhra Pradesh's Budget Announcement

Highlights of the 2024 Budget: Andhra Pradesh has been allocated social and infrastructure money. Andhra Pradesh will provide three districts a backward region grant.

Highlights of the 2024 Budget: Announcement of the package for the Vizag-Chennai Industrial Corridor

Budget 2024 Highlights: The government will give Andhra Pradesh financial support of Rs 15,000 crore for the development of Amaravati. Promises of further funding for upcoming years

Budget 2024 Highlights: The Polavaram Irrigation project, which is regarded as a lifeline for Andhra Pradesh and its farmers, would be completely financed and completed early by the Center.

Funds for vital infrastructure, including roads, trains, water, and electricity, as well as grants for Rayalaseema and Prakasam North coastal Andhra Pradesh's underprivileged areas, will be supplied under the AP Reorganisation Act.

Bihar's budget announcement

Highlights of the Union Budget 2024: A road and highway bonanza has been announced for Bihar.

Industrial hub at Amritsar's Gaya There will be a Kolkata Industrial Corridor built.

Projects to build road connection will cost Rs 26,800 crore. The plan for Bihar's road and highway development aims to enhance the state's overall infrastructure.

Healthcare Budget Announcements for 2024

Budget 2024 Highlights: Hospitals and diagnostic facilities will receive a Rs 9,000 crore fundingboost.

Key Highlights of the 2024 Budget: Rs 7,000 crore allocated for rural healthcare, and a major focus will be on women's health.

Union Budget 2024: Employment and Skill Development

The budget promises to create one million jobs over a five-year period. According to FM Sitharaman, a new employment skilling program will train 20 lakh kids in five years. She added that the program will increase the participation of women.

Summary Highlights of the India Budget 2024: A youth internship program was announced. One million young people working in 500 of the best companies would receive an internship allowance of Rs 5,000 per month in addition to Rs 6,000 in one-time funding.

Budget Highlights for 2024: Hostels for working women will open

Budget 2024 Highlights: Loans for higher education in domestic institutions up to Rs 10 lakh will be funded.

European Union Budget 2024 Highlights: Employment and Skilling, Priority 2. FM revealed a program of employment-linked incentives.

Agriculture budget announcements for 2024

Budget Highlights for 2024: Amount allotted for agriculture and related sectors: Rs 1.52 lakh crore

Key Highlights of the India Budget 2024: The government will encourage shrimp production

Budget 2024 Highlights: According to FM, farmers would have access to 109 new, high-yielding, climate-resilient varieties of 32 field and cultivated crops. She stated that one crore farmers will be introduced to natural farming in the next two years.

Top Highlights of the 2024 Budget: The goal of oilseeds like sunflower to get atmanirbharta for pulses and oilseeds.

Budget 2024's Standout Items: Priority 1 was highlighted by Sitharman, who stated that agricultural research will be encouraged in order to increase productivity. The government will study all available studies in order to create seeds that are climate resilient. Financing to be given to the public and private sectors on a mission-mode basis.

Union Budget 2024 Highlights

According to FM Sitharaman, the budget is concentrated on MSMEs, employment, skill development, and the middle class.

India Budget 2024: Key Takeaways Amount of Rs 3 lakh crore announced for projects focused on women

Top Highlights of the India Budget 2024: FM identifies nine goals to create jobs for everyone. Productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms are among the budget's nine goals.

Top Highlights of the 2024 Budget: A Rs 2 lakh crore package for 5 programs was presented.

Top Highlights of the Union Budget 2024: According to Sitharaman, the budget is geared toward the poor, women, youth, and farmers.

India Budget 2024 Highlights

Growth is negatively impacted by global uncertainty. India's growth rate has continued to rise in spite of these challenges.

Top Highlights of the 2024 Union Budget: The Indian people have granted Prime Minister Narendra Modi a historic third term, demonstrating their faith in him.

Top Highlights of the Union Budget 2024: India's economic growth is and will continue to be the bright spot in the coming years. India's inflation rate is still modest and steady as it approaches the 4% target.

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