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Union Budget 2024 : Budget aimed at the aspirations of the middle class people and a prosperous India. This budget has been prepared on the basis of 9 priorities.
Nirmala Sitharaman announced that productivity, job creation-skill development, social justice, urban development, energy security, infrastructure sector, research-innovation, manufacturing-services and next generation reforms have been prioritized in the agriculture sector.
The key announcements in the central budget..
- Standard deduction increased from Rs.50 thousand to Rs.75 thousand. Changes in new tax regime slabs. From zero to Rs.3 lakhs there is no tax.
- The basic customs duty levied on mobile phones, mobile PCDA and mobile chargers has been reduced to 15 percent. Import duty on gold and silver reduced to 6 percent. A contraction of 6.4 percent on platinum.
- Construction of 3 crore additional houses in rural and urban areas under Pradhan Mantri Awas Yojana. Allocation of Rs. 2.2 lakh crores in five years for urban housing.
- Construction of rental houses for laborers working in industrial areas. Construction of dormitory style houses under PPP system.
- Mudra loans increased from Rs.10 lakh to Rs.20 lakh. 2.66 lakh crore allocation for rural development in the budget
- A plan to bring one crore farmers across the country into nature farming. Kisan Credit Cards in 5 States. 1.5 lakh crores for the development of agriculture and its allied sectors.
- Skill training for 20 lakh youth in next five years. Internships in top 500 companies.
- Education loans up to Rs.10 lakh for students to pursue higher education in domestic educational institutions.
- Allocation of Rs.11.11 lakh crore for infrastructure development. It is equal to 3.4 percent of GDP.
- 3 lakh crore schemes for women and girls. 1.48 lakh crore for education, employment and skill development
- Establishment of street food hubs in selected cities. 1.5 lakh crore long-term interest-free loans for state infrastructure projects.
- Three incentives for new hires. Employees entering the organized sector for the first time will be paid one month’s salary in three installments with a maximum of Rs.15 thousand. A maximum of Rs. Those whose salary is less than one lakh are eligible. This will benefit 210 lakh youth.
- Organized special weekend prayers in hundred cities under PM Swanidhi.
- Simplification of Capital Gains Act. 12.5% tax on long term gains. Incentive for start-ups.. Angel tax repealed.
