TNI Bureau: Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024, the BJP Government’s first full Budget after the 2024 General elections.
While presenting the Union Budget 2024 in the Parliament, the Finance Minister announced an outlay of Rs.1.48 lakh crore for education, employment, and skilling.
Here are the Key Highlights:
New Tax Regime
📌Standard Deduction for salaried increases from 50000 to 75000 rupees
📌0 to 3 lac – Nil Tax
📌3 to 7 lac – 5%
📌 7 to 10 lac – 10%
📌 10 to 12 lac – 15%
📌12 to 15 lac – 20%
📌15 lac & above -30%
Education
📌Rs 1.48 lakh crore for education and employment and skill.
📌Up to Rs 10 lakh support to students for domestic institution studies
📌Revision of Model Skill Loan Scheme; 25,000 students to be benefitted every year.
📌 One lakh students will get the e-voucher every year for annual interest subvention of 3% of loan amount.
Health
📌 3 more Cancer Medicines to be exempted from Custom Duty.
Agriculture
📌Rs 1.52 lakh crore for agriculture and allied sectors
Infrastructure
📌Rs 2.66 lakh crore for rural development and infrastructure
MSME
📌MUDRA loan limit increased to Rs 20 lakh from Rs 10 lakh.
📌50 multi-product food irradiation units in the MSME sector to get support.
Youth
📌Incentive to 30 lakh youth entering job market by providing 1 month PF contribution.
📌Govt to launch three employment-linked schemes.
📌20 lakh youth to be skilled over 5 years.
📌Schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with an outlay of Rs 2 lakh crore.
📌Centre to fund 1 month’s wage for new hires; Rs 3,000/month for EPFO contributions.
Miscellaneous
📌Assistance will be provided for development of Culture & Tourism including temples, monuments, craftsmanship, wildlife sanctuary, natural landscapes & beaches of #Odisha.
📌1 crore urban poor and middle-class families will be covered under #PMAwasYojana Urban 2.0.
📌Rs 1 lakh crore for Research and Innovations
📌Fiscal Deficit projected at 4.9% of GDP
📌Receipts seen at 32.07 lac Crs
📌 Standard deduction of Salaried Class increased from Rs 50,000 to Rs 75,000 under New Tax Regime.
📌Family pension deduction increased from Rs 15,000 to Rs 25,000.
📌Short term capital gains increased from 15% to 20%
📌Long term cap gains increased from 10% to 12.5%
📌Limit of exemption for capital gains will be set at Rs 1.25 lakh per year.
📌 Customs Duty on Mobile Phone and related parts, reduced by 15%.
📌Custom Duty hiked on certain plastic-related imports from 10% to 25%.
📌Customs Duties on Gold and Silver to be reduced to 6%.
📌Customs Duty on Platinum to be reduced to 6.5%.
📌Rs 11,500 crore to Bihar for flood mitigation
📌New 2400 MW power plant at Pirpainti in Bihar
📌Street food hub to be set up in different cities
📌Rs 1.5 lakh Cr long-term interest-free loans to support States towards infra development
📌Capital expenditure to be Rs 11,11 lakh crore at 3.4% of GDP
📌 Rs 15,000 crore to build capital city of Andhra Pradesh, Amaravati.
📌Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
📌Rs 26,000 crore for various road projects in Bihar.
