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UNION BUDGET 2024-2025 - HIGHLIGHTS

• INDIA’S INFLATION CONTINUES TO BE LOW, STABLE AND MOVING TOWARDS THE 4 PERCENT TARGET
• PM’S PACKAGE OF 5 SCHEMES AND INITIATIVES WITH AN OUTLAY OF ₹ 2 LAKH CRORE TO FACILITATE EMPLOYMENT, SKILLING AND OTHER OPPORTUNITIES FOR 4.1 CRORE YOUTH IN 5 YEARS
• FOR PURSUIT OF ‘VIKSIT BHARAT’, THE BUDGET ENVISAGES SUSTAINED EFFORTS ON 9 PRIORITIES FOR GENERATING AMPLE OPPORTUNITIES FOR ALL
• BUDGET 2024-25 FOCUSES ON EMPLOYMENT, SKILLING, MSME’s AND MIDDLE CLASS
• NEW 109 HIGH-YIELDING AND CLIMATE-RESILIENT VARIETIES OF 32 FIELD AND HORTICULTURE CROPS WILL BE RELEASED FOR CULTIVATION BY FARMERS
• IN THE NEXT TWO YEARS, 1 CRORE FARMERS ACROSS THE COUNTRY WILL BE INITIATED INTO NATURAL FARMING
• A PROVISION OF ₹ 1.52 LAKH CRORE FOR AGRICULTURE AND ALLIED SECTOR ANNOUNCED FOR THIS YEAR.
• 1,000 INDUSTRIAL TRAINING INSTITUTES WILL BE UPGRADED
• GOVERNMENT WILL FORMULATE A PLAN, PURVODAYA, FOR THE ALL-ROUND DEVELOPMENT OF THE EASTERN REGION COVERING BIHAR, JHARKHAND, WEST BENGAL, ODISHA, AND ANDHRA PRADESH
• FOR PROMOTING WOMEN-LED DEVELOPMENT, THE BUDGET CARRIES AN ALLOCATION OF MORE THAN ` 3 LAKH CRORE FOR SCHEMES BENEFITTING WOMEN AND GIRLS
• A PROVISION OF ₹ 2.66 LAKH CRORE FOR RURAL DEVELOPMENT INCLUDING RURAL INFRASTRUCTURE MADE THIS YEAR
• THE LIMIT OF MUDRA LOANS WILL BE ENHANCED TO ₹ 20 LAKH FROM THE CURRENT ₹ 10 LAKH
• GOVERNMENT TO LAUNCH A COMPREHENSIVE SCHEME FOR PROVIDING INTERNSHIP OPPORTUNITIES IN 500 TOP COMPANIES TO 1 CRORE YOUTH IN 5 YEARS
• UNDER PM AWAS YOJANA URBAN 2.0, HOUSING NEEDS OF 1 CRORE URBAN POOR AND MIDDLE-CLASS FAMILIES WILL BE ADDRESSED WITH AN INVESTMENT OF ₹ 10 LAKH CRORE
• PHASE IV OF PMGSY WILL BE LAUNCHED TO PROVIDE ALL-WEATHER CONNECTIVITY TO 25,000 RURAL HABITATIONS

• EMPHASIS ON EXPANDING THE SPACE ECONOMY BY 5 TIMES IN THE NEXT 10 YEARS WITH A VENTURE CAPITAL FUND OF ₹ 1,000 CRORE
• MAJOR RELIEF TO 4 CRORE SALARIED INDIVIDUALS AND PENSIONERS IN INCOME TAX
• STANDARD DEDUCTION INCREASED FROM ₹ 50,000 TO ₹ 75,000/- FOR THOSE IN NEW TAX REGIME
• DEDUCTION ON FAMILY PENSION INCREASED FROM ₹ 15,000/- TO ₹ 25,000/-
• OVER 58 PERCENT CORPORATE TAX RECEIPTS COLLECTED UNDER THE NEW REGIME
• TWO THIRD OF INDIVIDUAL INCOME TAXPAYERS SWITCHED OVER TO NEW INCOME TAX REGIME
• ANGEL TAX ABOLISHED FOR ALL CLASS OF INVESTORS TO BOOST START-UPS AND INVESTMENTS
• CORPORATE TAX ON FOREIGN COMPANIES REDUCED FROM 40 TO 35 PER CENT TO INVITE INVESTMENTS
• 5 PER CENT TDS ON MANY PAYMENTS MERGED TO 2 PER CENT TDS
• CAPITAL GAIN EXEMPTION LIMIT INCREASED TO ₹ 1.25 LAKH PER YEAR TO BENEFIT LOWER AND MIDDLE INCOME CLASSES
• CUSTOM DUTY ON X-RAY PANELS, MOBILE PHONES & PCBA REDUCED TO 15 PER CENT
• PRECIOUS METALS INCLUDING GOLD AND SILVER TO BECOME CHEAPER, CUSTOM DUTY REDUCED TO 6 PER CENT

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