The nation waited with bated breath for the Union Budget 2024. Finance Minister Nirmala Sitharaman presented the key highlights. This budget is the 7th by the Finance Minister and has big plans for India’s economy, taxes, and spending.
It aims to boost growth and create jobs. It also plans to involve the private sector in upskilling India. Plus, it offers some tax relief to individual taxpayers.
Key Takeaways
- Significant focus on infrastructure development, including roads, railways, and connectivity projects
- Measures to empower the workforce, including job creation schemes and tax incentives
- Initiatives to boost agricultural productivity and sustainability
- Inclusive human resource development programs
- Tax reforms and incentives to spur economic growth
Boosting Infrastructure Development
The budget for 2024-25 has a big focus on building up our infrastructure. It plans to increase spending on capital projects a lot. The goal is to improve things like roads, electricity, and water, as well as digital and urban development.
Roads, Railways, and Connectivity
The government wants to make our connections better. They plan to build expressways in Bihar and a bridge over the Ganga River. They also aim to set up a big power plant in Bhagalpur.
In Andhra Pradesh, they will focus on railways and roads. They’ve set aside Rs 15,000 crore for these projects, with help from international agencies.
They’re also making changes in the shipping industry to help India’s ships and create jobs. For cruise tourism, they’re making taxes simpler to encourage more people to work in this field.
| Infrastructure Sector | Key Investments and Initiatives |
|---|---|
| Roads |
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| Railways |
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| Shipping and Cruise Tourism |
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The government is focusing on building up our infrastructure and connections. This includes our roads, railways, and shipping. Their goal is to boost the economy, create jobs, and strengthen our aviation and MRO sectors.
Empowering the Workforce
The Union Budget 2024 brings new plans to help India’s workforce and support young people’s job dreams. It focuses on skilling, creating jobs, and helping first-time employees succeed in the formal job market.
A key scheme in the budget is the One Month’s Wage for Freshers. It gives a one-month wage to over 2.1 crore young people starting their first job. This support, up to ₹15,000, comes in three parts, helping new professionals start their careers.
The Manufacturing Jobs Assistance program is another big step. It gives incentives to workers and employers in manufacturing, helping 30 lakh youth and employers in the first four years. The budget also sets aside ₹3,000 a month for two years to cover EPFO charges for up to 50 lakh new employees earning ₹1 lakh a month, encouraging more formal jobs.
The budget puts a big focus on skilling the workforce, with ₹1.48 lakh crore for education, employment, and skilling. It includes a scheme to skill 20 lakh youth over five years and upgrading 1,000 Industrial Training Institutes (ITIs) for ₹60,000 crore.
The government is also working to increase women’s job participation. It plans to set up hostels and partner for women-specific skilling programs.
These steps show a big effort to empower India’s workforce. They aim to boost employment, skilling, and support new employees, showing a complete plan to help workers reach their best.
Promoting Agricultural Growth
The budget focuses on agriculture to increase productivity and sustainability. This ensures India’s food security and self-sufficiency. It makes big investments to change the face of Indian agriculture with new initiatives.
Enhancing Productivity and Sustainability
This plan has a multi-faceted approach. The government plans to release 109 new, climate-resistant crop varieties. These will help farmers increase agriculture productivity and fight climate change challenges.
Also, the government will support natural farming for 1 crore farmers over two years. This will promote sustainable farming methods that are good for the environment. This move will make agriculture more sustainable.
To make India self-sufficient in oilseeds, the government will create large vegetable production clusters. These will use the latest technology and best practices. The use of digital crop survey will also be expanded to help farmers make better decisions.
| Allocation | Amount (in crore) |
|---|---|
| Department of Agriculture and Farmers Welfare | ₹1,22,528.77 |
| Department of Agricultural Research and Education | ₹9,941.09 |
| Ministry of Fisheries, Animal Husbandry, and Dairying | ₹7,137.68 |
| Fertilizers Department | ₹1,64,150.81 |
With these investments and initiatives, the government wants to unlock the full potential of agriculture. It aims for sustained growth and to make India a leader in agriculture, productivity, and sustainability.
“The government’s commitment to agriculture is clear in the substantial allocations made in the budget. These initiatives will empower our farmers, boost productivity, and ensure India’s food security for years to come.”
Inclusive Human Resource Development
The Government of India is focused on making sure everyone gets a chance to grow and learn. This is a big goal in the Union Budget 2024. The budget has many plans to help young people get the skills they need.
The PM Vishwakarma scheme is a big deal, aiming to skill 20 lakh youth in five years. The Swanidhi and NRLM schemes will also help communities, especially in the east, by developing their human resources.
The budget is making higher education more accessible by offering up to ₹10 lakhs in financial support. This includes an annual interest rate of 3%. This will help one lakh students every year, promoting growth and building a strong workforce.
Also, the skill loan scheme is getting a boost, offering loans up to ₹7.5 lakhs to 25,000 students each year. This will help fill the gap between what employers want and what workers can do, making the Indian workforce more skilled.
The budget also has new plans to encourage first-time job seekers and support jobs in manufacturing. Plus, it’s setting up hostels for working women. These efforts show the government’s dedication to making sure everyone has a chance to succeed.
| Initiative | Key Details |
|---|---|
| PM Vishwakarma Scheme | Aims to skill 20 lakh youth over 5 years |
| Financial Support for Higher Education | Loans up to ₹10 lakhs with 3% interest subvention, benefiting 1 lakh students annually |
| Revised Skill Loan Scheme | Loans up to ₹7.5 lakhs, assisting 25,000 students per year |
| Incentives for First-Time Job Seekers | Direct transfer of one month’s salary (up to ₹15,000) and reimbursement of up to ₹3,000 per month for two years for employers hiring additional employees |
| Internship Opportunities | 1 crore internships in top companies, with a monthly allowance of ₹5,000 for 12 months |
| Working Women Hostels | Establishment of hostels to support the employment needs of working women |
The Union Budget 2024 really focuses on human resource development, skilling, and higher education. It’s putting ₹1.48 lakh crore into these areas. This will help young people, make growth more inclusive, and make India a stronger player in the global economy.
budget 2024 india top 10 highlights
The 2024 budget has set out a detailed plan to boost economic growth, create jobs, and improve social welfare in India. It focuses on key areas that show the government’s dedication to the well-being of all citizens.
Boosting Infrastructure Development
The budget has set aside over ₹11.11 lakh crore for infrastructure projects, which is 3.4% of the GDP. This money will go towards improving highways, railways, and other connectivity projects. This move aims to enhance the country’s infrastructure.
Empowering the Workforce
To empower the workforce, the budget has introduced a scheme for 1 crore youth to get internships in the top 500 companies. They will get a monthly allowance of ₹5,000. The budget has also increased funds for education, employment, and skilling to ₹1.48 lakh crore. This shows the government’s focus on developing human capital.
Promoting Agricultural Growth
The budget has allocated ₹1.52 lakh crore for agriculture and allied sectors. This reflects the government’s commitment to improving agricultural productivity and sustainability. It includes initiatives to support farmers and increase agricultural growth.
Inclusive Human Resource Development
The budget emphasizes inclusive human resource development. It includes increasing tax deductions for pensioners and providing long-term interest-free loans to states for infrastructure. These steps aim to create a more inclusive and equitable society.
The 2024 budget has outlined a detailed plan to drive economic growth, create jobs, and ensure the well-being of all citizens in India.
| Key Highlights | Budget Allocation |
|---|---|
| Infrastructure Development | ₹11.11 lakh crore (3.4% of GDP) |
| Education, Employment, and Skilling | ₹1.48 lakh crore |
| Agriculture and Allied Sectors | ₹1.52 lakh crore |
| Tax Deduction on Family Pension | Increased from ₹15,000 to ₹25,000 |
| Customs Duties on Gold and Silver | Reduced by 6% each |
| TDS Rate on E-commerce Operators | Reduced from 1% to 0.1% |
| Corporate Tax Rate for Foreign Companies | Reduced from 40% to 35% |
| Fiscal Deficit | Estimated at 4.9% of GDP |
The 2024 budget’s key priorities aim to boost economic growth, create jobs, and promote social welfare. These efforts will contribute to India’s overall development.
Regional Development Initiatives
Purvodaya: Focusing on the Eastern Region
The 2024 Union Budget has a big focus on regional development, especially in eastern India. It introduces the Purvodaya program. This plan aims to improve the states of Bihar, Jharkhand, Odisha, and Andhra Pradesh in many ways.
The Purvodaya program gets a lot of funding for infrastructure and better connectivity in the east. It includes building expressways in Bihar, a new bridge over the Ganga River, and a 2,400 MW power plant in Bhagalpur.
In Andhra Pradesh, the government is investing in railways and roads with ₹15,000 crore. This money will help grow the economy and make the region better connected.
The Purvodaya program also focuses on improving people’s skills and jobs in the east. It plans to increase training, create more jobs, and support entrepreneurs. This will help the local workforce and make growth more inclusive.
The government wants to close the development gap in the eastern states. The Purvodaya program shows a strong commitment to balanced regional growth. It aims to make the whole country more prosperous.
Tax Reforms and Incentives
The Budget 2024 has brought in big changes for Indian taxpayers. It aims to help them and boost the economy. One big change is raising the standard deduction for salaried people from ₹50,000 to ₹75,000. This could save salaried employees up to ₹17,500 in taxes each year.
Also, the tax brackets have been changed. Now, income up to ₹3 lakh doesn’t get taxed. Income from ₹3 lakh to ₹7 lakh is taxed at 5%. And, income over ₹15 lakh is taxed at 30%.
The angel tax has been removed for all investors. This is great news for startups as it makes it easier for them to get funding. The budget also raised the exemption for capital gains on financial assets to ₹1.25 lakh per year. This gives people more chances to grow their wealth.
Foreign companies now pay a lower corporate tax rate of 25%. This makes India a better place for investments. The budget also tweaked customs duties, with some going up and some down. This targets certain industries and products.
The tax changes in the Budget 2024 show the government’s effort to make taxes fairer and more competitive. They help taxpayers and boost growth in different sectors.
“The tax reforms introduced in Budget 2024 are a positive step towards creating a more equitable and efficient tax system, benefiting both individual taxpayers and businesses.”
Conclusion
The Budget 2024 for India brings a set of key highlights aimed at boosting the economy, creating jobs, and improving social welfare. It focuses on infrastructure, empowering workers, and sustainable farming. This budget sets the stage for a prosperous and progressive future.
The government plans to cut the fiscal deficit, increase spending on capital projects, and help start-ups and strategic investments with tax breaks. This shows its commitment to creating a business-friendly environment. The budget also puts money into rural jobs, healthcare, and clean energy technology. This shows a comprehensive approach to solving the country’s big economic and social issues.
Looking at the Budget 2024, I see India moving closer to being a global economic leader. It’s doing this while making sure all citizens are looked after and included. This budget shows the government’s strong commitment to a better, stronger future for our country.
