Budget 2024 Highlights: Here's all you need to know!

As the Union Budget for the year 2024-2025 was presented today by Union Finance and Corporate Affairs Minister Nirmala Sitharaman, following the formation of the NDA government, it marks her record seventh consecutive budget presentation during the monsoon session of Parliament.t. 

Here are the major highlights from the announcement that you must be aware of today!

Tax proposals 

• The changes have been announced in the new tax regime making a standard deduction proposed to increase to Rs. 75,000 from Rs. 50,000.

• Deduction on family pension for pensioners increased from Rs. 15,000 to Rs. 25,000

• The tax rate structure to be revised is as follows:   

0-3 Lakh = Zero

3-7 Lakh = 5%

7-10 Lakh = 10%

10-12 Lakh = 15%

12-15 Lakh = 20%

15 and above = 30%

• The corporate tax rate on foreign companies has been reduced to 25%
• STT on F&Os proposed to be increased to 0.02% and 0.01% respectively.
• Unlisted bonds, debentures, debt mutual funds, and market-linked debentures will be taxed at slab rate. 
• The Finance Minister has also announced the angel tax to be abolished. 
• The two tax exemption regimes for charities will be merged into one.
• The Minister has also announced that long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs. 1.25 lakh per year.
• A proposal has been announced to increase the duty on printed circuit board assemblies (PCBA) for specific telecom equipment by 10 to 15%.
• The government will exempt three more medicines for cancer treatment from customs duty. 
• The budget has reduced BCD to 15% on mobile phones, mobile PCBA, and chargers.
• The Customs duty on gold and silver is to be reduced to 6%, and platinum to 6.4%

Agriculture

• 1 crore farmers across the country will be initiated into natural farming, supported by certification and branding in the next 2 years.
• 10,000 need-based bio-input resource centers will be established.
• Digital Public Infrastructure for coverage of farmers and their lands in 3 years.
• Digital crop survey in 400 districts
• Issuance of Jan Samarth-based Kisan Credit Cards.
• A comprehensive review of the agriculture research setup to bring focus on raising productivity and developing climate-resilient varieties.

Employment and Skilling

• One-month wage to new entrants in all formal sectors in 3 installments up to Rs 15,000.
• The government will reimburse EPFO contributions of employers up to Rs. 3000 per month for 2 years for all new hires. Expected to generate 50 lakh jobs. 
• 20 lakh youth will be skilled over a 5-year period. 
• 1,000 Industrial Training Institutes will upgraded in hub and spoke arrangements with
  
  outcome orientation.
• Course content and design aligned as per skill needs of industry.
• Loans up to Rs. 7.5 lakh with a guarantee from a government-promoted Fund. It is expected to help 25,000 students every year.
• The FM has also announced that the working women hostels will be set up to promote women's participation in the workforce.

Inclusive Human Resources Development and Social Justice 

• There is a plan for endowment-rich states in the Eastern parts covering
  
  Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh for generation of economic opportunities to attain Viksit Bharat.
• Amritsar Kolkata Industrial Corridor with the development of an industrial node at Gaya will be ensured.
• There will be an allocation of more than Rs. 3 lakh crore for schemes benefitting women
  
  and girls.
• More than 100 branches of India Post Payment Bank will be set up in the North East region.
• Financial support of Rs. 15,000 crores will be arranged in FY 24-25 for Andhra Pradesh.
• Completion of Polavaram Irrigation Project ensuring food security of the nation.
• Essential infrastructure such as water, power, railways and roads in the Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and the Orvakal node on Hyderabad-Bengaluru Industrial Corridor.

Manufacturing and Services

• The limit of Mudra Loan is enhanced to Rs. 20 lakh from the current Rs. 10 lakh under the ‘Tarun’ category.
• Credit Guarantee Scheme for MSMEs in the Manufacturing Sector. 
• Scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years
• Allowance of Rs. 5,000 per month along with one-time assistance of Rs. 6,000 through the CSR
  
  funds.

Urban Development

• The needs of 1 crore urban poor and middle-class families will be addressed with an investment of
  
  Rs. 10 lakh crore.
• Encouraging states to lower stamp duties for properties purchased by women. 
• Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities. 

Energy Security

• A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant.
• PM Surya Ghar Muft Bijli Yojana will get 1 crore households to obtain free electricity for Up to 300 Units every month. 

Infrastructure

• Provision of Rs. 11,11,111 crore for infrastructure (3.4% of GDP).
• 1.5 lakh crore to states as long-term interest-free loans to support resource allocation. 
• Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor modelled on Kashi Vishwanath Temple Corridor.
• A comprehensive development initiative for Rajgir will be undertaken which holds religious significance for Hindus, Buddhists, and Jains.
• The development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.
• Assistance to development of Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes, and pristine beaches making it an ultimate tourism destination.

Operationalization of the Anusandhan National Research

• Private sector-driven research and innovation at commercial scale with a financing pool of Rs. 1 lakh crore.
• Operationalisation of the Anusandhan National Research. Fund for basic research and prototype development.