Union Budget 2024

Mrs. Nirmala Sitharaman stated that the fiscal deficit is estimated at 4.9% of GDP in FY25 with the revenue expected to Rs.32.07 Lakhs crores and expenditure is expected to be Rs.48.21 Lakh crores.

The expenditure on the defence sector of the country has remained more or less same in this budget as compared to the previous budget. The finalized expenditure amount is Rs.4.56 lakh crores.

Mrs. Nirmala Sitharaman announced an increase in the Securities Transaction Tax on F&O. The STT on futures will increase from 0.0125% to 0.02% and STT on options will increase from 0.0625% to 0.1%.

The government's proposal to abolish Angel Tax will help in increasing start-ups in the country. This abolishment will take place for all classes of investors.

The new tax slabs for the people under the new tax regime are: Rs.0-3 lakh - Nil; Rs.3-7 lakh - 5%; Rs.7-10 lakh - 10%; Rs.10-12 lakh - 15%; Rs.12-15 lakh - 20%; and Rs.15 lakh and above - 30%

The long-term capital gain tax will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.

To increase domestic value addition, the customs duty on gold and silver is reduced to 6% and on platinum to 6.4%

The growing mobile industry of India has got government's attention as they proposes to reduce the Basic Customs Duty on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges to 15%.

To ease the usage of Rupee for overseas investments, government is looking forward to ease the rules and recognition of Foreign Direct Investments (FDIs) so that their inflows can be facilitated.

Development of Corridors in the Vishnupad temple, development of Nalanda (Bihar), and spiritual tourism of Odisha will be the focus points for the government to promote tourism in the country.

Mrs. Nirmala Sitharaman has emphasized on the continuation of expanding space-economy by 5 times over the next 10 years and a venture capital fund of Rs.1000 crores will be established for reaching the targets. has context menu

Finance Minister announced that government will partner with the private sector for the development of the small and medium nuclear reactors in India will be encouraged. This will help in developing new nuclear technologies in the country.

States that are prone to floods and incur huge damages due to the same will be financially assisted by the central government. These states include: Bihar, Himachal Pradesh, Assam, and Uttarakhand.

PM Surya Ghar Muft Bijli Yojana aimed to install rooftop solar plants and availability of free electricity up to 300 units per month to 1 crore households is announced by the FM. 1.28 crore registrations and 14 lakh applications has already been received by the Government for this scheme.

To maintain a strong fiscal support for the infrastructural development, the capex for the FY24-25 has been retained at Rs.11.1lakh crores which is equivalent to 3.4% of India's GDP.

Under the PM Aawas Yojana, Urban 2.0, in order to identify the needs of the urban poor class and middle class, the government is looking forward to an investment of Rs.10 lakh crore.

2400MW power plant in Pirpainti,Bihar along with expedition of multilateral development banks in Bihar is promised by the Finance Minister. In Andhra Pradesh, FM announced early completion of the Polavaram Irrigation Project that is the lifeline for the people of Andhra Pradesh.

Critical Mineral Mission's focus will be on recycling critical minerals and their overseas acquisitions. Government will launch auction for the first bidding of offshore blocks for mining, building on the exploration already carried out.

For the people who have timely repaid loans under the TARUN category, are now eligible for the exceeded loan amount of Rs.20 lakhs under government's MUDRA loan scheme. The earlier limit of MUDRA loan was Rs.10 lakhs.

To boost MSMEs in the manufacturing sector, Finance Minister announced that the Government will help MSMEs for the purchase of machinery and other production equipment without collateral and guarantee. Rs.100 crores has been allocated for this guarantee fund.

Finance Minister announced that the Government will focus on empowering women to enter the workforce by setting up hostels and will also enter into partnerships that organizes skilling programs specific to women.

Government will support loan up to Rs.10lakhs that are taken for higher education. This will empower more education in the country and increase skilled number of people.