As India gears up for the Union Budget 2024, anticipation is building across various sectors and among the general public. The budget, which will be presented by the Finance Minister, is expected to address several critical areas to boost economic growth and development.
Key Details:
- Date: July 23, 2024
- Time: The budget speech is scheduled to begin at 11:00 AM IST.
- Presenter: The Union Finance Minister Nirmala Sitaraman
Expectations and Visions:
- Economic Growth: With the economy recovering from the impacts of the pandemic, there are high hopes for measures that will stimulate growth and create a favorable business environment.
- Tax Reforms: Both individuals and businesses are looking forward to potential changes in tax slabs and incentives that could provide much-needed relief and encourage investment.
- Infrastructure Development: Significant investments in infrastructure are anticipated to boost connectivity and support long-term economic goals.
- Healthcare and Education: Increased allocation towards healthcare and education sectors is expected, focusing on improving public health infrastructure and enhancing the quality of education.
- Agriculture and Rural Development: Support for farmers and rural development programs is crucial, with expectations of subsidies and policies that will enhance agricultural productivity and rural livelihoods.
- Green Initiatives: In line with global sustainability goals, the budget may introduce measures to promote renewable energy, reduce carbon emissions, and support environmental conservation.
Also Read: https://thelivereports.com/union-budget-overview-2024/
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Share Market Updates: As the Union Budget 2024 unfolds, the share markets remain neutral, reflecting cautious optimism. The Nifty index is currently floating at 24,487 points, with a minimal loss of just 22 points. Investors are keenly awaiting key announcements that could impact economic growth, tax reforms, and infrastructure development.
Nirmala Sitaraman: Finance minister started to read Budget with a huge roar from ruling party.
India’s economic growth continues to shine, maintaining its positive momentum. The economy is expanding robustly, with significant strides in various sectors. Inflation remains stable and moving towards target of 4%, reflecting a well-managed economic environment. These factors indicate a favorable backdrop as the Union Budget 2024 is unveiled, highlighting the government’s focus on sustaining growth and stability.
Major focuses of the Union Budget 2024 include employment generation, skills development, support for MSMEs, and benefits for the middle class. These areas reflect the government’s commitment to fostering economic stability and enhancing livelihoods.
Over the next two years, one crore farmers will be encouraged to adopt natural farming practices, promoting sustainability in agriculture.
A significant provision of 1.48 lakh crore rupees has been allocated for education, employment, and skilling initiatives.
A substantial allocation of 1.52 lakh crore rupees has been made for agriculture, reflecting a commitment to enhancing the sector.
Shrimp farming, processing, and export initiatives will be launched through NABARD to boost the aquaculture sector.
Kisaan Credit Cards will be issued to farmers in five states to enhance access to financial resources.
Loans up to 10 lakhs will be provided to youth not covered by existing government schemes for higher education in domestic institutions.
The Union Budget 2024 includes an allocation of 21,400 crore rupees for the development of 2,400 power plants, aiming to enhance the country’s energy infrastructure.
The Union Budget 2024 includes a significant enhancement of Mudra loans, increasing the limit from 10 lakhs to 20 lakhs. This move aims to provide greater financial support to small businesses and entrepreneurs.
The Union Budget 2024 allocates 15,000 crore rupees in special financial support for Andhra Pradesh, aimed at enhancing the state’s development and infrastructure.
The Union Budget 2024 allocates 3 lakh crore rupees for schemes benefiting the women’s sector and 2.66 lakh crore rupees for rural development, highlighting a strong commitment to gender equity and rural progress.
The Union Budget 2024 introduces the “Viksit Bharat Reforms,” focusing on key areas to drive growth and development:
- 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
The Union Budget 2024 includes transit-oriented development plans for 14 major cities, aimed at improving urban infrastructure and enhancing public transportation systems.
The Union Budget 2024 plans to encourage states with high stamp duties while promoting lower stamp duties for property purchases made by women. This initiative aims to support home ownership and address gender disparities in property investments.
The Union Budget 2024 allocates 10 lakh crore rupees to address housing needs for the urban poor, aiming to improve living conditions and provide affordable housing solutions.
The Union Budget 2024 announces 11,500 crore rupees for flood control measures in Bihar, aiming to enhance resilience and protect communities from flooding.
The Union Budget 2024 includes an outlay of 1 lakh crore rupees for research and development. Additionally, a VC fund of 1,000 crore rupees has been allocated specifically for space research, supporting advancements in this critical field.
The Union Budget 2024 announces a reduction in customs duty for gold and silver to 6%, aiming to make these metals more accessible and stimulate trade.
The Union Budget 2024 reveals that two-thirds of taxpayers have shifted to the new income tax regime, reflecting significant adoption of the revised tax structure.
The Union Budget 2024 introduces a 20% tax rate on short-term gains from certain financial assets. Long-term capital gains are taxed at 12.5%, and the capital gains exemption limit has been raised to 1.25 lakhs.
The Union Budget 2024 announces the abolition of angel tax for all tax classes, aiming to foster a more supportive environment for startups and investors.
The Union Budget 2024 includes an increase in the Securities Transaction Tax (STT) for futures and options (F&O) trades, adjusting the tax structure for financial transactions.
The Union Budget 2024 increases the standard deduction for the new income tax regime from 50,000 to 75,000. The revised tax rates for the new regime are:
- 0 to 3 lakh: Nil
- 3 to 7 lakh: 5%
- 7 to 10 lakh: 10%
- 10 to 12 lakh: 15%
- 12 to 15 lakh: 20%
- Above 15 lakh: 30%
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