Budget 2024-25 Highlights
Budget 2024-25 Highlights: Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2024-25 on 23 July 2024. This is her seventh consecutive budget, which has laid special emphasis on economic policies, government schemes and financial provisions. The total expenditure in this budget is estimated to be ₹48,20,512 crore and capital expenditure ₹11,11,111 crore. It has announced important schemes for agriculture, employment, skill training, MSMEs, and the middle class.
The budget 2024-25 focuses on the goal of ‘Developed India’ and emphasizes on four main castes – ‘Annadaata’, ‘Gareeb’, ‘Yuva‘ and ‘Women’. Apart from this, several schemes have been launched to increase productivity in agriculture, development of climate-friendly varieties, vegetable production, and boost the supply chain.
Budget 2024-25-Youth will get the benefit of new schemes under the Prime Minister’s package for employment and skill training. Under social justice and inclusive human resource development, more than ₹3 lakh crore has been allocated for schemes for endowed states of the eastern region, Pradhan Mantri Janjati Unnat Gram Abhiyan, and schemes for the benefit of women and girls.
Initiatives have been taken to introduce credit guarantee scheme for MSMEs in manufacturing and services, mandatory onboarding in trades, and increasing the limit of Mudra loans. Under urban development, priority has been given to reducing stamp duty, developing weekly haats, and water management projects.
For energy security, nuclear energy, pumped storage policy, and PM Surya Ghar Free Electricity Scheme have been announced. Apart from this, provision of ₹11,11,111 crore will be given for infrastructure, road connectivity to rural settlements, assistance for irrigation and flood mitigation projects.
New schemes have been proposed in the budget for development of tourism, National Research Fund for innovation and research, and rural and urban land works. Along with this, initiatives have been taken to simplify FDI, increase the use of Indian rupee for overseas investment, and taxonomy for climate financing.
The expenditure figures for major items in Budget 2024-2025 are as follows: ₹4,54,773 crore for defence, ₹2,65,808 crore for rural development, ₹1,51,851 crore for agriculture, ₹1,50,983 crore for Home Ministry, ₹1,25,638 crore for education, ₹1,16,342 crore for information technology and telecommunications, ₹89,287 crore for health, ₹68,769 crore for energy, ₹56,501 crore for social welfare, and ₹47,559 crore for commerce and industry.
FM Sitharaman revises tax structure under new Tax regime.
Income Tax Slab:
₹0- ₹3 lakh – Nil;
₹3-7 lakh – 5% ;
₹7-10 lakh – 10% ;
₹10-12 lakh – 15%;
12-15 lakh – 20%; and
Above ₹15 lakh – 30%
