Budget 2024

 Budget 2024 

Budget Day is an eagerly anticipated event in India, with both businesses and the general public waiting with bated breath to understand the schemes and initiatives that could potentially benefit them. This year, due to the elections, Budget 2024 has been announced later than usual i.e. February 1.

The FM announced the Final Budget on 23rd July 2024. She stated that this year’s budget is focused on employment, skilling, MSME and the middle class. She also stated the priorities of the budget which were as follows:

• Productivity and Resilience in Agriculture
• Employment and Skilling
• Inclusive Human Resource Development and Social Justice
• Manufacturing and Services 
• Urban Development
• Energy Security
• Infrastructure 
• Innovation, Research and Development 
• Next Generation Reforms

There were also many reforms under Direct taxes and Indirect taxes in the Budget.

Highlights:

1. Budget 2024 proposes overhaul of Capital Gains Taxes - Short term gains 20% on all financial assets, on all other assets it remains as it was, Long term - 12.5% on all assets, Exemption on profits 1.25 lakh a year

2. Standard Deduction Increased from 50,000 to 75,000.

3. Deduction of Family pension 15K to 25K

4. The New Slabs in the New Regime in Budget2024, From 0-3 Lakh - Nil , 3-7 Lakh - 5% , 7-10 Lakh - 10% , 10-12 Lakh - 15% , 12-15 Lakh - 20% , If its more than 15 Lakh - 30%

5. Angel Tax Abolished for All Categories of Investors.

6. STT on F&O increased to 0.2 %

7. FM keeps capex at Rs 11.11 lakh crore or 3.4% of GDP

8. Capital Expenditure in the Budget, 2019 - ₹3.1 Lakh Crore, 2021 - ₹4.4 Lakh Crore, 2022 - ₹5.5 Lakh Crore, 2023 - ₹7.5 Lakh Crore, 2024 - ₹10 Lakh Crore, 2025 - ₹11.1 Lakh Crore

9. Fiscal deficit lowered to 4.9% of GDP, market borrowing unchanged at Rs 14.13 lakh crore

10. Fiscal deficit for FY25 further scaled down to 4.9 from 5.1% in interim Budget

11. Aim to reach a fiscal deficit of below 4.5% by FY26

12. BCD on mobile phones, chargers reduced to 15%.

13. Highest Capex Spending proposed to support the economy and job creation in

14. Government allocates over Rs 3 lakh crore for schemes benefiting women, girls:

15. Limit of Mudra loans to extend to Rs 20 lakh from Rs 10 lakh for those who have availed and paid previous loans. New mechanism announced for facilitating continuation of bank credit to #MSMEs during their stress period

16. The Budget focus on employment, skilling, MSMEs and Middle class

17. The Detailed roadmap to pursue nine priorities for generating opportunities for India these are: Agri, Employment, Inclusive development, Manufacturing and Services, Urban Development, Energy, Infra, Innovation, R&D, NexGen reforms

18. Turning attention to the full year and beyond, in this budget, we particularly focus on employment, skilling, MSMEs, and the middle class. I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of ₹ 2 lakh crore

19. ₹2 Lakh crore will be spent on youth and skill development over next 5 years

20. Digital coverage of farm land and farmers to help farmers get their dues.

21. PM Garib Kalyan Ann Yojna was extended for 5 years benefiting 80 crore people

22. Government to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution. Govt to launch three employment-linked schemes

23. Government to set up working women hostels to promote women participation in workforce

24. The PM Vishwakarma Scheme was announced by the Hon'ble Finance Minister in the Annual Union Budget 2023-24 on 01.02.2023 and launched by the Prime Minister on 17.09.2023. The Scheme aims to provide end-to-end support to artisans and craftspeople who work with their hands and tools

25. FM allocated Rs. 1.48 lakh cr for education, employment and skilling. 5 schemes for 4.1 crore youth with an outlay of Rs. 2 lakh cr over a period of 5 years.

26. We will formulate plan Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh

27. Govt. to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount

28. 1,000 ITIs to be upgraded in hub and spoke model,

29. Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh

30. New centrally-sponsored scheme for skilling in collaboration with states, industry; 20 lakh youth to be skilled over 5 years

31. Govt. will release new 109 high yielding, climate resilient seeds for 32 field and horticulture crops. ₹ 1.52 lakh crore allotted for agriculture & allied sectors

32. Govt. to set up working women hostels to promote women participation in workforce

33. Govt. to provide funds to private sector, domain experts & others for developing climate-resilient seeds.

A.Hari Prasath (22UCM017)

R.Vishal Karthik (22UCM056)

L.Raguraman (22UCM034)

III B.Com