Union Budget 2024: Key Highlights and Implications

Current Affairs National

Posted by pallavi on 2024-07-23 07:32:11 |

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Introduction and Key Announcements

Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25, marking her seventh consecutive budget speech and the first under Prime Minister Modi's third term. India's economic growth remains robust amid global uncertainties, with inflation stable at 3.1%, approaching the 4% target.

Revised Tax Regime

Significant changes were announced in the income tax slabs under the new regime:

• Up to ₹3 lakh: Nil tax
• ₹3-7 lakh: 5%
• ₹7-10 lakh: 10%
• ₹10-12 lakh: 15%
• ₹12-15 lakh: 20%
• Above ₹15 lakh: 30%

Employment and Skilling Initiatives

The budget includes:

• ₹2 lakh crore allocated for youth employment and skill development over five years.
• Internship programs for one crore youth in top companies.
• Women-specific skilling programs and increased workforce participation.

MSME and Manufacturing Support

Focus on MSMEs includes:

• Increased credit guarantees and machinery loans.
• Technology support packages and expansion of SIDBI branches.

Agriculture and Rural Development

• ₹2.66 lakh crore allocated for rural development.
• Initiatives to promote natural farming and large-scale vegetable production.

Infrastructure and Regional Development

• ₹15,000 crore special support for Andhra Pradesh.
• Investments in new airports, medical facilities, and sports infrastructure for Bihar.

Defense and Fiscal Measures

• Defense budget increased to ₹4.56 lakh crore.
• Abolition of Angel tax to encourage investment in startups.

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