23, July 2024. New Delhi
Finance Minister Nirmala Sitharaman presented the Indian Union Budget for 2024 in Parliament on Tuesday. She said the budget has nine priorities: productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms. The government aims to grow the rural economy and create jobs.
Here are some highlights of the budget speech:
Additional debt recovery tribunals will be set up.
The government will develop digital public infrastructure for productivity, business, and innovation.
A Critical Mineral Mission will acquire assets overseas.
The government will auction the first offshore mining blocks.
Dormitory-type rental housing for industrial workers will be facilitated in PPP mode.
₹11 lakh crore is allocated for infrastructure development, which is 3.4% of GDP. Private investment will be promoted through viability gap funding and enabling policies.
Sitharaman said the people have re-elected the Modi-led government for a third term. She noted that the global economy faces policy uncertainty and India’s inflation is stable, moving towards a 4% target.
Other Announcements
The government will provide incentives to 30 lakh youth entering the job market with a monthly PF contribution.
Working women hostels will be set up.
1,000 ITIs will be upgraded in a hub and spoke model.
Financial support for loans up to ₹10 lakh will be provided for higher education.
A credit guarantee scheme for MSMEs will be introduced, offering up to ₹100 crore cover per applicant.
Direct Benefit Transfer of one month’s salary in three installments for first-time employees registered in the EPFO, with a salary limit of ₹1 lakh per month, benefiting 210 lakh youth.
A new internship scheme will provide ₹5000 per month to 1 crore youth in 500 top companies, plus a one-time assistance of ₹6000.
Basic customs duty on mobile phones and chargers will be reduced to 15%.
Customs duty on gold and silver will be reduced to 6%, and platinum to 6.4%.
The standard income tax deduction for those opting for the new tax regime will increase from ₹50,000 to ₹75,000.
Revised tax slabs: ₹0-3 lakh – Nil; ₹3-7 lakh – 5%; ₹7-10 lakh – 10%; ₹10-12 lakh – 15%; ₹12-15 lakh – 20%; above ₹15 lakh – 30%.
Salaried employees under the new tax regime will save up to ₹17,500 annually in taxes.