Union Budget 2024: In the government’s seventh straight Union Budget for 2024–2025, Finance Minister Nirmala Sitharaman outlined the top priorities. She enumerated nine areas that the government should focus on infrastructure, innovation, research and development, next-generation reforms, manufacturing and services, inclusive human resource development and social justice, productivity and resilience in agriculture, employment and skilling, manufacturing and transportation, energy security, and also urban development.
According to Ms. Sitharaman, the new tax slabs can result in income tax savings for salaried employees of up to ₹ 17,500. However, no modifications have been made to the previous tax system, which many professionals choose.
Highlights from Union Budget 2024
- Five projects announced to focus on 4.1 crore youngsters over 5 years with investment of ₹2 lakh crore
- A five-year internship program for one crore young people in elite companies
- Incentives based on employment, such as a month’s salary support for new hires
- For MSMEs: MSMEs’ technological support package, term loans for the purchase of machinery, and credit guarantee program
- 24 new branches of SIDBI will open to support MSME clusters.
- The Mudra loan limit has been raised to ₹20 lakh from ₹10 lakh.
- Assistance in financing loans for higher education up to ₹10 lakhs
- The amount also allotted to rural development is ₹2.66 lakh crore.
- A special ₹15,00,000 financial assistance program for Andhra Pradesh
- Bihar’s new airports, healthcare centres, and sporting facilities
- Moving near the 4% target for inflation
- More than Rs. 3 lakh crore has been set aside for programs that assist women and girls.
Brand-new Income Tax Brackets
Nirmala Sitharaman also announced a relaxation of the income tax slabs under the new tax regime for the current fiscal year in her address announcing the budget. The following are the newly declared income tax slabs:
- Up to ₹3 lakh: 0%
- ₹3 to ₹7 lakh: 5%
- ₹7 lakh to ₹10 lakh: 10%
- ₹10 lakh to ₹12 lakh: 15%
- ₹12 lakh to ₹15 lakh: 20%
- Above ₹15 lakh: 30%
Union Budget 2024 for Women
The Finance Minister emphasized that she is committed to increasing the number of women working. The creation of hostels and partnerships targeted at creating specialist skill training programs for women will help this project. The budget also includes more than ₹ 3 lakh crore expenditure for programs that support women and girls in order to support women-led development.
Union Budget 2024 for Education
Financial support for education loans up to 10 lakh rupees at a 3% interest rate for higher education in domestic institutions is included in the budgetary allotment for education. Additionally, 100,000 pupils will receive E-vouchers for the same each year. Sitharaman added that the government would set aside Rs 1.48 lakh crore for the employment, skill development, and education sectors.
The allocation to all main farmer-focused programs has however increased
The agriculture sector received approximately ₹ 1.50 lakh crore from Union Finance Minister Nirmala Sitharaman. The allocation to almost all major farmer projects has increased over prior budgets. If we compare the fertilizer subsidy to the actual spending in 2022–2023 however, it is reduced by almost ₹1 lakh crore. The Finance Ministry has additionally contributed ₹10,000 crores to the price stabilization fund in order to combat the price increase. The allotment in the previous budget was a mere ₹10 lakh.
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