The 2024 Union Budget, presented by the finance minister, outlines India's economic strategy focusing on 'Viksit Bharat'. Under this, it focused on nine key areas, including agriculture, employment, and infrastructure. It revised tax slabs under the new regime, potentially saving salaried employees up to ₹17,500. The budget also addressed indirect taxes, reducing customs duty on various items and exempting certain cancer drugs. The TDS rate on e-commerce was reduced, and long-term capital gains tax was revised to 12.5%. It allocated substantial funds for housing by expanding the PM Awas Yojana. Moreover, it introduced a free solar electricity scheme under the PM Surya Ghar Muft Bijli Yojana. New initiatives like the NPS-Vatsalya scheme for minors and enhanced Mudra Loans under the ‘Tarun’ category were also highlighted. The finance minister also gave due importance to support the MSME sector, aid in developing tourism in Bihar and Odisha, and bolster youth education. Major investments were also announced in state-specific development projects, particularly for flood-prone regions. These included Bihar, Assam, Himachal Pradesh, Uttarakhand, and Andhra Pradesh. The budget also addresses capital gains taxes, customs duties, and introduces new schemes for youth employment and skilling. With its multifaceted approach, the budget aims to boost economic growth, enhance social welfare, and promote inclusive development across various sectors.
The standard deduction in the new tax regime increased to ₹75,000
Revised tax slabs offer significant savings for salaried employees
The TDS rate on e-commerce transactions reduced to 0.1%
Customs duties on mobile phones, gold, silver, and cancer drugs reduced
₹10 Lakh Crores allocated for housing under PM Awas Yojana
New NPS-Vatsalya plan introduced for minors' savings
Enhanced Mudra Loans limit increased to ₹20 Lakhs under the ‘Tarun’ category