Budget 2024 highlights

1)India's inflation continues to be stable and moving towards 4 pc target; core inflation stands at 3.1 pc.
2)India's economic growth continues to shine. Global economy is still in the grip of policy uncertainty. People of India have reinforced their faith in govt led by Modi and re-elected it for third term.
3)As mentioned in interim-budget, we need to focus on poor, women, youth and farmers. Budget to focus on employment, skilling, MSME and middle class.Budget for FY25 to provide Rs 1.48 lakh crore for education and employment and skill. Implementation of various schemes announced in Interim Budget in February are still underway.
4)Budget's 9 priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms. Govt will undertake comprehensive review of research to develop climate resilient seeds.
5)In next 2 years one crore farmers will be initiated in natural farming. Large scale vegetable production clusters would be promoted to increase production.
6)Govt in partnership with states will promote digital public infra for agriculture. Govt will bring National Cooperation Policy for overall development.
7)Government to strengthen production, storage and marketing of pulses. Govt will provide finance for shrimp farming and marketing. Jan Samarth-based Kisan Credit Card to be introduced in five states. Govt to launch three employment-linked schemes. One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth.
8)Govt to provide funds to private sector, domain experts & others for developing climate-resilient seeds. Govt to set up working women hostels to promote women participation in workforce.
9)Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions. Govt to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount.
10)Govt will release new 109 high yielding, climate resilient seeds for 32 field and horticulture crops.
11)New centrally-sponsored scheme for skilling in collaboration with states, industry; 20 lakh youth to be skilled over 5 years.
12)Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.
13)1,000 ITIs to be upgraded in hub and spoke model.
14)We will formulate plan Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
15)We will support industrial corridor for development in eastern region.
16)Govt proposes Rs 26,000 crore for various road projects in Bihar.
17)Union government to arrange financial assistance to Bihar through aid from multilateral development agencies.
18)Our govt is fully committed for completion and financing of Polavaram irrigation project.
19)Backward region grant will be provided to 3 districts of Andhra Pradesh. Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years.
20)Govt allocates over Rs 3 lakh crore for schemes benefiting women, girls.
21)100 branches of India Post Payments Bank to be set up in North East.
22)Budget provides Rs 2.66 lakh crore for rural development.
23)Centre proposes Rs 26,000 cr for road projects in Bihar.
24)Employment-linked incentive: Our government will implement following three schemes for employment-linked incentive as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of first-time employees and support to employees and employers. Scheme A - first timers: This scheme will provide one-month wage to all persons newly entering the workforce in all formal sectors. Scheme C - Support to Employers - this employer-focussed scheme will cover additional employment is all sectors. All additional employment within a salary of Rs 1 lakh per month will be counted. The government will reimburse to employers up to Rs 3000 per month for two years towards the EPFO contribution for each additional employee. The scheme is expected to incentivise additional employment of 50 lakh persons.
25)On MSMEs, for facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to Rs 100 crore while loan amount may be larger.
26)We will formulate a plan 'Poorvodaya' for all-round development of the Eastern region of the country, covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh. "On the Amritsar-Kolkata Industrial Corridor, we will support development of an industrial node at Gaya. This corridor will catalyze industrial development of the eastern region." "We will also support development of road connectivity projects, namely, Patna -Purnea expressway, Buxar- Bhagalpur highway, Bodhgaya- Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for Rs 26,000 crore. New airports, medical colleges, and sports infrastructure in Bihar will be constructed. An additional allocation to support capital investments will be provided. The request of Bihar government for external assistance from multi-lateral development banks will be expedited.
27)The Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000.
28)Govt will reduce turnover threshold of MSME buyers for mandatory onboarding on TReds platform from Rs 500 cr to Rs 250 cr.
29)Govt to promote investment-ready industrial parks in 100 cities.
30)Govt will facilitate dormitory type rental housing for industrial workers in PPP mode.
31)Urban Housing: Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores. This will include the central assistance of Rs 2.2 lakh crores in the next five years.
32)PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it.
33)Govt to launch auction of first offshore mining blocks.
34)Govt to set up Critical Mineral Mission to acquire asset overseas.
35)FM proposes integrated technology platform for improving outcomes under Insolvency and Bankruptcy Code.
36)Govt proposes development of digital public infra application for productivity gains, biz opportunities and innovation by private sector.
37)IBC has resolved more than 1,000 cases resulting in realisation of Rs 3.3 lakh cr to creditors. Appropriate changes will be made to IBC and steps will be taken to strengthen tribunals.
38)The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy.
39)Additional debt recovery tribunals to be set up.
40)Govt will develop digital public infra application in 7 areas, including credit, MSME service delivery.
41)FM proposes transit-oriented development plans for large cities having population of over 30 lakh. Govt will put in place efficient and transparent rental housing market with enhanced availability.
42)A joint venture between NTPC and BHEL will set up 100 MW commercial thermal plant using AUSC (advanced ultra supercritical) technology.
43)Govt to come out with interest subsidy scheme to facilitate loans at affordable rates for urban housing.
44)Govt to come out with a document on energy transition pathway.
45)Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4% of our GDP. Private investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies.
46)PM Gram Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural habitats. Bihar has frequently suffered from floods. Plans to build flood control structures in Nepal are yet to progress. Our government will provide financial support with an estimated cost of Rs 11,500 crore. Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance.
47)Street food hub to be set up in select cities.
48)Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches.
49)Fiscal deficit 2024-25 is estimated at 4.9% of GDP. The aim is to reach the deficit below 4.5%.
50)The government has proposed to set up a venture capital fund of ₹1000 crore for the space economy.
51)I propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%.
52)Anusandhan National Research Fund will be set up for basic research and prototype development. Financing pool of Rs 1 lakh crore to spur private sector-driven research and innovation at commercial scale will also be done.
53)I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum.
54)Three cancer treatment medicines to be exempt from basic customs duty.
55)I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months.
56)TDS rate on e-commerce operators reduced from 1% to 0.1%. A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date.
57)25 critical minerals to be exempted from customs duties & BCD on two of them to be reduced.
58)Angel Tax abolished for all investors.
59)Govt to come out with SoP for TDS default and simplify and rationalise compounding of such offences.
60)Two tax exemption regimes for charitable trusts to be merged into one.
61)Govt to raise customs duty on ammonium nitrate to 10 pc; 25 pc on non-biodegradable plastics.
62)Govt increases basic customs duty to 15 pc from 10 pc on specified telecom equipment.
63)Monetary limit for filing Tax appeals increased to Rs 60 lacs for ITAT, Rs 2 crores for High Courts and Rs 5 crores for Supreme Court. Corporate tax rate to be reduced on foreign companies from 40 to 35 per cent.
64)Long term gains on financial and non-financial assets will attract tax rate of 12.5 pc.
65)Listed financial instruments held beyond 1 year to be considered long term as part of simplification of capital gain. Reopening of I-T assessment after 3 years only in cases where escaped income is Rs 50 lakh and above.
66)Coming to personal income tax rates, I have two announcements to make for those opting for the new tax regime. First, the standard deduction for salaries employees is proposed to be increased from Rs 50,000 to Rs 75,000. Similarly, deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000. This will provide relief to about 4 crore salaries individuals and pensioners. Second, in the new tax regime, the tax rate structure is proposed to be revised as follows: Rs 0-3 lakh - Nil; Rs 3-7 lakh - 5%; Rs 7-10 lakh - 10%; Rs 10-12 lakh - 15%; Rs 12-15 lakh - 20%; and Rs 15 lakh and above - 30%. more