Top Highlights of Budget FY 2024-25 by Finance Minister Nirmala Sitharaman

Budget 2024 introduce in Parliaments on 1st February, 2024 at 11:00 PM and following major highlights of budget 2024.

  1. No Changes in Income Tax Slabs
  2. No Change in Tax rates for Company, LLP or any other person
  3. Some Exemption to Start-ups and Extend some concession – extension of tax sops for sovereign wealth funds and start-ups to March 2025
  4. Tax payers service – Withdrawal of direct tax demands of period up to ₹25000 for period up to 2009-10 and ₹10000 for period up to 2014-15, 1 Crore people will benefit
  5. 40,000 normal railway bogies will be converted to vande Bharat standards
  6. 1-lakh crore corpus will be made available with 50 year interest free (long-term financing or refinancing) to encourage the private sector to scale up R&D. Corpus of 1 Lakh Crore for Reduced Rate Loans to Private Sector for Research in Sunrise Domains
  7. Rooftop solarisation and free electricity Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month
  8. This scheme follows resolve of Prime Minister, on the historic day of consecration of Ram Mandir in Ayodhya
  9. Garib, Mahila, Annadata and Yuva will be focus groups
  10. Sithraman Working to make India a Vikasit Bharat by 2047
  11. Worries about food have been eliminated with free rations for 80 crore people
  12. 25 crores Indians were pulled out of multi dimensional poverty by the govt over past 10 yrs
  13. Govt could save 2.7-lakh crore through avoidance of leakages
  14. Electronic Agri Mandi has connected 1051 mandis, transacting ₹2-lakh crore
  15. Minimum support prices for ‘Annadata’ (farmers) increased periodically
  16. Direct financial assistance was extended to 11.8 crore farmers
  17. For our government, social justice is an effective and necessary model
  18. Female enrolment in higher education has gone up by 28 per cent in 10 year
  19. Average real income has increased by 50 per cent
  20. Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers
  21. PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time
  22. PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups
  23. PM Vishakarma Yojana provides end to end support to artisans and craftspeople
  24. Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind
  25. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth
  26. Fund of Funds, Start-up India and Start-up Credit Guarantee Schemes are assisting our youth
  27. The National Education Policy 2020 is ushering transformational reforms
  28. PM Shri is delivering quality teaching
  29. Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth and established 3,000 new ITIs
  30. Large no. of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up
  31. The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023
  32. Chess prodigy and our No. 1 ranked player Praggnanandhaa put up a stiff fight against world champion Magnus Carlsen in 2023, today, India has over 80 chess grandmasters compared to little over 20 in 2010
  33. The earlier approach of tackling poverty resulted in very modest outcomes When the poor became empowered partners in development process, government’s power to assist them increases manifold. In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty
  34. 2cr more houses will be built under PM Awas Yojana Gramin 1cr houses will be taken to rooftop solar units to generate free electricity
  35. Housing for Middle Class, Govt will launch a new scheme to buy and build their own houses
  36. Making Triple Talaq illegal, one third women’s reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
  37. Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years
  38. 30 crore MUDRA Yojana loans have been given to woman entrepreneurs
  39. Female enrolment in higher education has gone up by 28% in 10 years
  40. In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world
  41. All these are getting reflected in increasing participation of women in workforce
  42. Making Triple Talaq illegal, one third women’s reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
  43. Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP – I.e., Governance, Development and Performance
  44. Ayushman Bharat scheme cover will be extended to all Asha, Anganwari worker and helpers
  45. To ensure housing for middle class, the government will launch a scheme for middle class. This is to help them to buy or build their own houses for those living in slums, chawls or rented houses, she added.
  46. A committee to set up more medical colleges, free cervical Cancer vaccines for girls from 9-14 years
  47. Nano DAP on various crops will be expanded in all agro-climatic zones
  48. GST has enabled One Nation One Market One Tax
  49. GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources
  50. Proactive inflation management has helped keep inflation within the policy band
  51. Matsya Sampada Yojana to be expanded to generate more employment, increase earnings
  52. Despite the challenges due to COVID, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years
  53. India U.S. Europe sponsored Middle East- Europe corridor: potential gateway for world trade for 100s of years.
  54. India assumed G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes
  55. Pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward
  56. India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others
  57. Our government is ready to assist states in faster development of aspirational districts and blocks Government will pay utmost attention to make eastern region and its people a powerful driver of India’s growth
  58. Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !! The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved
  59. Charging of electric vehicles Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance
  60. Rooftop solarisation and free electricity
  61. Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month
  62. FDI inflows stand at $596 billion, twice more than 2014-15
  63. The govt will form a high powered committee to address the concerns of fast population growth and demographic change
  64. Fisheries scheme to help reach the target of INR 1 lakh crore exports
  65. 2 Crore More Houses To Be Built Under PMAY-Gramin
  66. Fiscal deficit for FY 24 revised at 5.8%. lower than earlier estimate of 5.9% in BE
  67. FDI is ‘First Develop India. FDI inflow during 2014 to 2023 was Rs 596 billion US dollars, marking a golden era. This was twice the FDI inflow between 2005 to 2014. For sustained FDI, we are negotiating bilateral investment treaties with foreign partners
  68. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of our youth
  69. Revised fiscal deficit estimated for FY24 has been pegged at 5.8% of GDP and the deficit for FY25 is pegged at 5.1%
  70. To address fervour for domestic tourism, projects for port connectivity, tourism infra & amenities will be taken on our islands including Lakshadweep
  71. Government will further promote private and public investment in post harvest activities including aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding
  72. After successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones
  73. Electronic National Agricultural Market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive, balanced and higher growth and productivity.
  74. I propose to retain the same tax rates for direct and indirect taxes including import duties
  75. Govt will lay a white paper in house on mismanagement of the economy before 2014

Summary of Budget 2024

The highlights of the budget for FY 2024-25 by Finance Minister Nirmala Sitharaman include no changes in income tax slabs, no change in tax rates for companies, LLPs, or individuals, exemptions and concessions for start-ups and sovereign wealth funds, withdrawal of direct tax demands for certain periods, conversion of railway bogies to vande Bharat standards, a corpus of 1 lakh crore for private sector R&D, rooftop solarisation and free electricity for 1 crore households, focus on marginalized groups, achievements in poverty reduction and women’s empowerment, initiatives in education and skill development, progress in sports and chess, emphasis on social justice and systemic inequalities, support for electric vehicles and renewable energy, FDI inflows, measures for fisheries and agriculture, fiscal deficit estimates, promotion of domestic tourism, investment in post-harvest activities, and a white paper on the mismanagement of the economy before 2014.

Sources of Budget 2024 & Finance Bill, 2024

Finance Bill, 2024

Budget 2024 Speech

Budget Presentation

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