Budget 2024: Has Modi 03 term presented a good budget, Changes in income tax, income of Rs 3 lakh tax free and many announcements for youth and special package to Bihar and Andhra
# News Bureau July 23,2024
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 on Tuesday. This will be the first budget of Prime Minister Narendra Modi’s third term. This will be Nirmala Sitharaman’s seventh consecutive budget as finance minister. She will surpass the record set by former Prime Minister Morarji Desai who presented five annual budgets and one interim budget as finance minister. Former Prime Minister Manmohan Singh presented five consecutive budgets and Pranab Mukherjee also presented five consecutive budgets.
In the budget speech, Nirmala Sitharaman said that salaried employees will save Rs 17,500 in the new tax regime. New tax regime: No tax up to 0-3 lakhs. 5% tax for 3-7 lakh salary people, 7-10 lakh salary people – 10% tax, 15% tax for 10-12 lakhs, 20% tax for 12-15 lakh salary people and 30% tax above 15.
Union Minister Nirmala Sitharaman announced the abolition of angel tax on investors in India to promote startups. While angel tax was first introduced in 2012 to prevent the generation and use of unaccounted wealth through subscription to shares of a closely owned company at a price higher than the fair market value of the firm’s shares, its scope was extended to non-resident investors from April 1, 2024 during last year’s Union Budget, which saw strong opposition by startups.
The Finance Minister said that the Indian mobile industry has matured with an increase in domestic manufacturing, the basic customs duty on mobile phones, accessories and chargers has been reduced to 15%.
The government has kept the capital expenditure target unchanged from the interim budget at Rs 11.11 lakh crore. The cornerstone of the last few budgets of the Modi government was a concerted effort to increase capital expenditure. In fact, the highlight of Budget 2023-24 presented last February was the announcement that government capital expenditure would be Rs 10 lakh crore – more than double the Rs 4.39 lakh crore of 2020-21. However, revised estimates in the interim budget showed that the capital expenditure targets were not met in the current year.
The Finance Minister announced that an investment of Rs 10 lakh crore under the Pradhan Mantri Awas Yojana will meet the urban housing needs of 1 crore urban poor and middle class families.
Nirmala Sitharaman in her budget speech talked about the Pradhan Mantri Janjati Unnat Gram Abhiyan saying that “This scheme will cover 63,000 villages for tribal families in tribal-dominated villages and aspiring districts, benefiting 5 crore tribal people.”
Finance Minister Nirmala Sitharaman announced a scheme to provide internship opportunities to one crore youth in 500 top companies across the country over a period of five years. This opportunity will come with a one-time assistance of Rs 6000 along with an internship allowance of Rs 5000 per month. Additionally, about 12 industrial parks have been approved under the National Industrial Corridor Development Programme.
“Loan up to Rs 10 lakh for higher education in the country. Finance Minister Nirmala Sitharaman announced that the government will provide financial assistance for loans up to Rs 10 lakh for higher education in domestic institutions.–
Nirmala Sitharaman said- “On the Amritsar-Kolkata Industrial Corridor, we will support the development of an industrial area in Gaya, Bihar. This will enhance the development of the eastern region. We will also support the development of road connectivity projects- including the Patna – Purnia Expressway, Buxar-Bhagalpur Highway, Bodh Gaya-Rajgir-Vaishali-Darbhanga and an additional two-lane bridge over the Ganga river at Buxar at Rs 26,000 crore.” The Finance Minister said- “The government has made efforts to fulfill the commitments in the Andhra Pradesh Reorganisation Act. Recognizing the state’s capital requirement, we will facilitate special financial assistance through multilateral agencies. In the current financial year, Rs 15,000 crore will be arranged with additional funds in future years.”
“This year the allocation for agriculture and allied sectors is Rs 1.52 lakh crore.”Vegetable production clusters will be promoted on a large scale to increase production. years.
“The nine priorities of the budget include productivity, jobs, social justice, urban development, energy security, infrastructure and reforms.
