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Union Budget 2024 –Highlights

Finance Minister of India Smt. Nirmala Sitharaman presented Union Budget on 24th July 2024. Here are the highlights:

PART A

Total receipts32.07 Lakh Crore
Total expenditure48.21 Lakh Crore
Net Tax Receipt25.83 Lakh Crore
Fiscal Deficit4.9% of GDP

Objective of Union Budget

The budget focuses on Employment, Skills, MSME, and Middle Class. Here are the 9 budget priorities

1.Productivity and resilience in Agriculture.

1.52 Lakh Crore allocation for agriculture and its sector. Natural farming initiated to 1 crore farmers across India. Digital Public Infrastructure to be implemented after 2 years   

2.Employment & Skilling

There are 3 schemes for employment that includes job creation in manufacturing and supporting employees. Encourage maximum participation of women. Organizing women specific programme. Financial loan support for loans upto 10 lakhs for higher education given to youth who are out the eligibility of government scheme.

3.Inclusive Human Resource Development and Social Justice

At Andhra Pradesh reorganization act there are 15,000 crore financial support from multi lateral development in the current financial year. 3lakh crore total allocation given to beneficial for  women and girls. Covering 5 crore tribal people  and 63,000 villages that includes tribal families under socio- economic development.

4.Manufacturing & Services

Credit guarantee scheme for MSME in manufacturing sector. Credit support to MSME during stress period and Mudra loan to those who have successfully repaid previous loans. TReDS platform to be reduced from 500 crore to 250 crore. MSME units for Food Irradiation, Quality and Safety testing. Ecommerce exports hubs to sell their products in international markets.

5.Urban Development  

Transit oriented development plans and strategies to implement  14 large cities above 30 lakh population. Under PM Awas Yojana providing housing needs to 1 crore urban poor and middle class families. To provide support development to 100 weekly street food or haat for the next 5 years in the cities.

6.Energy Security

Energy transition pathways to balance environment sustainability. Pumped storage policy and research and development of small and modular nuclear reactors. Advanced ultra super critical thermal power plants.

7.Infrastructure

3.4% GDP to be provided in capital expenditure. 1.5 Lakh crore provision for long term free loans supporting states in infrastructure investments. Pradhan Mantri Gram Sadak Yojana to connect 25,000 rural habitations connectivity. Irrigation and Flood Mitigation to provide support assistance Assam, Uttarakhand, Sikkim, and landslides at other states.

8.Innovation, Research & Development

Capital fund of 100 crore setting up and expanding space economy in next 10 years

9.Next Generation Reforms

In rural land, Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar, digitization of map, survey of map sub division according to current ownership, establishment of land registry and linking to the farmer registry. Urban land area to be digitized with GIS mapping, providing services to labour. Next is NPS Vatsalya plan for contribution of parents and guardians for minor.

PART B

To reduced Basic Custom Duty on items

Basic Custom Duty (BCD) on Mobile Phones and related parts reduced to 15 percent

Basic Custom Duty (BCD) removed on ferro nickel and blister copper

Basic Custom Duty (BCD) removed on ferrous scrap and nickel cathode.

Basic Custom Duty (BCD) 2.5 per cent on copper scrap.

Basic Custom Duty (BCD) removed, subject to conditions, on oxygen free copper for manufacture of resistors in electronics

BCD on ammonium nitrate increased from 7.5 to 10 per cent in chemicals and petrochemicals

BCD on PVC flex banners increased from 10 to 25 per cent in plastic

BCD increased from 10 to 15 per cent on PCBA of specified telecom equipment in telecommunication equipment

Basic Custom Duty (BCD) removed on Capital goods for use in manufacture of solar cells and panels

BCD reduced to 5% on certain broodstock, polychaete worms, shrimp and fish feed.

BCD reduced on real down filling material from duck or goose.

BCD reduced, subject to conditions, on methylene diphenyl diisocyanate

Personal Income Taxes variation

Standard deduction for salaried employees increased from 50,000 to 75,000. Deduction on family pension enhanced from 15,000 to 25,000.Salaried employee new tax regime save upto 17,500 in income tax.

0-3 lakh rupeesNil
3-7 lakh rupees5 per cent
7-10 lakh rupees10 per cent
10-12 lakh rupees15 per cent
12-15 lakh rupees20 per cent
Above 15 lakh rupees30 per cent

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