Budget 2024
Business news
Sandeep Dhand Ludhiana
Union Finance Minister Nirmala Sitharaman presented her seventh Budget in the Lok Sabha, outlining several key measures aimed at providing relief to the salaried class, boosting development across states, and driving economic growth.
Relief for the Salaried Class
One of the notable highlights of the budget is the relief provided to the salaried class through the new tax system. The income tax exemption limit has been increased up to ₹7.75 lakhs, offering a benefit of ₹17,500 to taxpayers. This move is expected to provide much-needed financial relief to middle-income families, enhancing their disposable income and contributing to overall economic stability.
Allocations to States
Significant allocations have been made to various states to support their developmental needs. Andhra Pradesh has been allotted ₹15,000 crores, while Bihar will receive ₹41,000 crores. These funds are intended to support infrastructural projects and promote economic growth within these regions.
Special Schemes for Development
The Finance Minister also announced special schemes aimed at the structural development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. These schemes are expected to address regional disparities and foster balanced development across these states, ensuring that growth reaches the grassroots level.
Prime Minister’s Package for Employment and Skill Facilitation
A major highlight of the budget is the Prime Minister’s package, which includes five schemes for employment and skill facilitation, with a total allocation of ₹2 lakh crores. This package is designed to boost job creation and skill development, particularly among the youth, thereby enhancing employability and economic productivity.
Focus on Education, Employment, and Skills
An allocation of ₹1.48 lakh crores has been earmarked for education, employment, and skills this year. This includes a significant increase in the monetary loan amount from ₹10 lakhs to ₹20 lakhs, making higher education and skill development more accessible to students and young professionals.
Provisions for Women and Girls
The budget has made a substantial provision of ₹3 lakh crores for women and girls. This allocation is aimed at promoting gender equality and supporting women’s empowerment through various initiatives and programs.
Agriculture and Climate-Resilient Farming
Several campaigns have been announced to support agriculture, including the release of 32 high-yielding and climate-friendly varieties. These initiatives are expected to enhance agricultural productivity and sustainability, addressing the challenges posed by climate change.
Renewable Energy and Technological Innovation
The budget includes measures to bring electricity storage solutions for renewable energy, promoting sustainable energy practices. Additionally, research and development on small nuclear reactors will be carried out, underscoring the government’s commitment to technological innovation and energy security.
Boost for the Service Sector
Significant announcements have been made for the service sector, aimed at enhancing its contribution to the economy. These measures are expected to provide a much-needed impetus to various service industries, driving growth and job creation.
Customs Duty Reductions
To make essential goods more affordable, the customs duty on mobile phone chargers and lithium batteries has been reduced. Additionally, the customs duty on gold and silver has been lowered to 6 percent, and customs duties on Kaiser’s medicines and items related to health services have been removed. These reductions are expected to lower the cost of these goods for consumers and support related industries.
Focus on Middle Class and Infrastructure
Overall, the budget places a special focus on education, employment, skills, and the middle class. The measures announced are expected to provide financial relief, promote economic growth, and enhance the quality of life for citizens across the country.
In summary, Finance Minister Nirmala Sitharaman’s seventh budget aims to provide comprehensive relief and development measures, focusing on financial stability, regional development, employment, education, and innovation. The budget’s initiatives are poised to drive economic growth and foster a more inclusive and sustainable future for India.