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• Union Budget 2024: Key Highlights and Announcements

Union Budget 2024: Key Highlights and Announcements

Union Budget 2024 is the first Budget to be announced in the third term of the Modi Government. It is Finance Minister Nirmala Sitharaman’s 7th consecutive budget and she announced it using a digital tablet. To find out about the major announcements made in Union Budget 2024, keep scrolling down!

Key Highlights of Union Budget 2024

The priorities of Union Budget 2024 are productivity and resilience in agriculture, employment & skilling, inclusive human resource development and social justice, manufacturing & services, urban development, energy security, infrastructure, innovation, research & development and next generation reforms.

Here are the key announcements from the Union Budget 2024:

• Rs. 1.48 lakh crore to be provided for education, employment and skill.
• 109 new high-yielding and climate-resilient varieties of 32 field and horticultural crops to be cultivated by farmers.
• In the next two years, 1 crore farmers will be initiated into natural farming, which will be supported by certification and branding.
• Rs 26,000 crore for various road projects in Bihar proposed by the government.
• The Mudra loans limit will be increased from Rs. 10 lakh to Rs. 20 lakh for borrowers who have availed of and successfully repaid loans previously taken under the Tarun category. 
• Government to promote water supply, sewage treatment and solid waste management projects for 100 major cities.
• Government to launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000/month as internship allowance and one-time assistance of Rs 6000.
• PM Gram Sadak Yojana’s Phase 4 to be launched to provide all-weather roads to almost 25,000 rural habitats.
• In a joint venture, NTPC and BHEL will set up a 100 MW commercial thermal plant using advanced ultra supercritical technology.
• Rs. 2.66 lakh crore has been allocated by the government for rural development. 
• Three crore additional houses to be constructed under the PM Awas Yojana in rural and urban areas.
• Free electricity upto 300 units per month for 1cr household under solar panel scheme.
• Loans up to Rs 10 lakh to be provided for higher education in domestic institutions.
• Proposal of the custom duty on gold and silver to be lowered to 6%, the custom duty on platinum to be cut to 6.5%.
• Proposal to reduce basic customs duty on mobile phones and chargers to 15%.
• The TDS rate on e-commerce will be reduced to 0.1%. 
• Proposal to decriminalize TDS delay up to the filing of the tax date.
• Proposal to abolish the angel tax for all classes of investors.
• FM Sitharaman has proposed to decriminalize TDS delay up to the filing of the tax date.
• Proposal to increase exemption on capital gains tax for certain assets to ₹1.5 lakhs.
• PM Garib Kalyan Anna Yojana has been extended for 5 years and will benefit over 80 crore individuals.
• Now, lower stamp duty will be applicable for women property buyers.
• FY 25 allocation towards CAPEX has been fixed at ₹ 11.11 lakh crore.
• Exemption on customs duty proposed for 25 critical minerals due to their applications in multiple sectors.
• To boost the development of space technology, a venture capital fund of ₹ 1000 crore will be set up. 
• Rs 15,000 crore will be arranged for the development of Andhra Pradesh’s capital.
• Revision of Model skill loan scheme to facilitate loans up to ₹ 7.5 lakh.

Govt revises Tax Structure Under New Regime

The Union Budget has revised the tax structure for the taxpayers under the new regime. The tax structure under the new regime is revised as follows:

• ₹0 - ₹3 lakh - Nil;
• ₹3 - 7 lakh - 5%;
• ₹7 - 10 lakh - 10%;
• ₹10 - 12 lakh - 15%;
• 12 - 15 lakh - 20%;
• Above ₹15 lakh - 30%

According to FM, the taxpayers would save up to ₹17,500 in tax with the revised structure.

Goods That became Cheaper vs Goods that became Expensive

The following goods became cheaper and expensive, respectively:

Conclusion

The Union Budget is released by the government every year, and the Finance Minister announces how this budget will be allocated for each year. Many key announcements have been made in the speech of the Union Budget 2024 as discussed in this blog post.

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