Budget 2024 Highlights: Emphasizing Employment, Skilling, MSMEs, and Middle Class; Revised Tax Structure Under New Regime

Union Finance Minister Nirmala Sitharaman presented the 2024 budget, marking the first fiscal plan of the BJP-led NDA government post its re-election in June.

Key Focus Areas of Budget 2024

Finance Minister Nirmala Sitharaman outlined a strategic vision for the 2024 budget, focusing on pivotal areas essential for economic advancement:

1. Enhancing Agricultural Productivity and Resilience

   • Initiatives include promoting sustainable farming practices, achieving self-sufficiency in critical crops, and modernizing digital infrastructure for agricultural services.

2. Boosting Employment Opportunities and Skilling

   • Introducing three new incentive schemes aimed at encouraging formal employment and supporting employers and new employees. This includes schemes aligned with the Employee Provident Fund (EPF) to enhance workforce participation.

3. Promoting Inclusive Human Resource Development and Social Justice

   • The budget emphasizes inclusive growth through initiatives supporting marginalized communities, promoting social justice, and enhancing human capital development.

4. Strengthening Manufacturing and Services

   • Measures include boosting manufacturing capabilities and expanding service sectors to drive economic growth and employment.

5. Supporting Micro, Small & Medium Enterprises (MSMEs)

   • Special emphasis on MSMEs with a new credit assessment model focusing on digital footprint to enhance access to credit and promote growth in the sector.

6. Fostering Urban Development

   • Initiatives to develop urban infrastructure, including affordable housing projects and urban rejuvenation programs, aimed at enhancing quality of life and promoting sustainable urban growth.

7. Ensuring Energy Security

   • Focus on enhancing energy infrastructure, promoting renewable energy sources, and ensuring energy security to support industrial growth and economic stability.

8. Investing in Infrastructure

   • Significant investments in infrastructure projects, including roadways, railways, and digital infrastructure, to support economic activities and regional connectivity.

9. Promoting Innovation, Research, and Development

   • Initiatives aimed at fostering innovation, supporting research and development across sectors, and promoting a culture of entrepreneurship and technological advancement.

Agriculture Sector Initiatives

In her address, Minister Sitharaman emphasized initiatives to revolutionize farming practices, achieve self-sufficiency in essential crops, and enhance digital infrastructure for public farming services.

Focus on Employment and Education

The budget introduces three new incentive schemes linked to employment, aimed at boosting participation in the formal economy and providing financial support to both employers and new employees. Additionally, significant allocations were made for education loans and internship programs.

Development Schemes for Bihar and Andhra Pradesh

Under the "Purvodaya" initiative, Bihar will receive substantial investments in infrastructure, including expressways, power projects, medical colleges, and sports facilities. Similarly, Andhra Pradesh will see focused support for industrial infrastructure development to bolster economic growth in the region.

Budget Allocations for Women

The budget allocates over ₹3 lakh crore towards schemes benefiting women, aimed at promoting women-led development, enhancing gender inclusivity, and empowering women economically and socially.

MSME Sector Support

Special attention has been given to MSMEs, introducing a new credit assessment model by public sector banks that focuses on digital footprint rather than traditional criteria.

Personal Income Tax Revisions

Revisions in the tax structure under the new regime aim to simplify tax compliance and reduce the tax burden on individual taxpayers, providing savings opportunities, particularly for salaried employees.

Budget 2024: New regime tax slabs

₹0- ₹3 lakh - Nil;

₹3-7 lakh - 5% ;

₹7-10 lakh - 10% ;

₹10-12 lakh - 15%;

₹12-15 lakh - 20%; and

Above ₹15 lakh - 30%

Revenue and Expenditure:

Revenue receipts are projected at ₹31.3 lakh crore for 2024-25. Effective capital expenditure is estimated at ₹15.0 lakh crore.

Major Financial Allocations:

Defence: ₹4,54,773 crore.

Ministry of Road Transport and Highways: ₹2,65,808 crore.

Agriculture and Allied Activities: ₹1,51,851 crore.

Education: ₹1,25,638 crore.

Health: ₹89,287 crore

Roadmap for 'Viksit Bharat'

The budget outlines a comprehensive roadmap towards achieving 'Viksit Bharat', focusing on holistic development across sectors crucial for inclusive economic growth. The strategic allocations and policy reforms aim to create a conducive environment for sustainable development and prosperity.

Conclusion

Finance Minister Nirmala Sitharaman's budget for 2024-25 emphasizes a comprehensive approach to economic development, focusing on key sectors critical to India's growth trajectory. With robust allocations across various domains and strategic reforms, the budget aims to foster sustainable economic growth and social progress.

Our news media partner, Kaushiki Srivastava, crafted and curated this news. 

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