Budget Speech 2024 PDF

PDF Name	Budget Speech 2024
No. of Pages	62
PDF Size	0.74 MB
Language	English
PDF Category	Government
Source / Credits	files.pdfpdf.in
Uploaded By	Pradeep

Budget Speech 2024 - Summary

Nirmala Sitharaman, the Finance Minister, has presented the Union Budget 2024-25 on July 23 during the Budget Session of Parliament. This annual financial statement from the centre explains the proposed expenditures and revenues for the upcoming fiscal year (FY25), which runs from April 1, 2024, to March 31, 2025.

The Budget Session of Parliament kicked off on July 22, with Sitharaman presenting the 2024 Economic Survey a day before the Union Budget. This session is expected to have 16 sittings over 22 days and is likely to conclude on August 12.

Key Highlights from the Budget Speech 2024

Budget Speech Overview

Employment and Skilling:
- Five major schemes aimed at supporting 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore.
- A comprehensive internship scheme for one crore youth in leading companies over the next five years.
- Incentives linked to employment, including one month’s wage support for first-time employees.
- Special skilling programs for women to increase their participation in the workforce.
MSME and Manufacturing Support:
- Emphasis on supporting MSMEs and the manufacturing sector.
- Launch of a credit guarantee scheme along with term loans for purchasing machinery.
- Technology support package for MSMEs to enhance productivity.
- SIDBI will open 24 new branches to serve MSME clusters effectively.
Financial Initiatives:
- The Mudra loan limit has been increased from ₹10 lakh to ₹20 lakh for past borrowers.
- Financial assistance for higher education loans up to ₹10 lakh in domestic institutions.
- An integrated technology system will enhance the Insolvency and Bankruptcy Code (IBC).
Agriculture and Rural Development:
- A massive provision of ₹2.66 lakh crore for rural development initiatives.
- Shifting agricultural research to focus on productivity and climate-resilient crop varieties.
- Plan to introduce 1 crore farmers to natural farming techniques over two years.
Infrastructure and Regional Development:
- Introducing rental housing in PPP mode for industrial workers.
- Special financial assistance of ₹15,000 crore for Andhra Pradesh.
- New airports, medical facilities, and sports infrastructure development in Bihar.
Economic Outlook:
- Inflation is heading towards the 4% target.
- India’s economic growth is recognized as a “shining exception” in the global context.
- Focus on job creation and boosting consumption may positively impact the consumer goods, real estate, and auto sectors.
- Nine Priority Areas have been identified: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms.

Revised Income Tax Rate under the New Tax Regime

The Budget 2024 has proposed the revised income tax rates under the New Tax Regime as follows:

₹0-3 lakh – nil tax
₹3-7 lakh – 5%
₹7-10 lakh – 10%
₹10-12 lakh – 15%
₹12-15 lakh – 20%
Above ₹15 lakh – 30%

For more detailed information and insights, you can download the comprehensive PDF of the Budget Speech 2024 below. Don’t miss out on this opportunity to understand the key features and implications of the budget!

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