India’s Union Budget 2024-2025: A Summary

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Author

Busy Nac
July 26, 2024

India’s Union Budget 2024-2025: A Summary

1. Economic Outlook and Priorities

Despite global uncertainties, India’s economic growth remains robust. Inflation continues to be low and stable, moving toward the 4% target. The budget focuses on sustaining this growth momentum.

2. Employment and Skill Development

  • PM’s Package for Youth: A comprehensive package of 5 schemes and initiatives, with an outlay of ₹2 lakh crore, aims to facilitate employment, skilling, and opportunities for 4.1 crore youth over 5 years.

  • Nine Priorities: The budget emphasizes sustained efforts across 9 priorities to generate ample opportunities for all.

3. Agriculture and Rural Development

  • High-Yielding Crop Varieties: The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops for cultivation by farmers in the next two years.

  • Natural Farming: 1 crore farmers across the country will be initiated into natural farming.

  • Agriculture and Allied Sector: An allocation of ₹1.52 lakh crore is announced for this year.

4. Women-Led Development

  • The budget allocates more than ₹3 lakh crore for schemes benefiting women and girls.

  • PM Awas Yojana Urban 2.0: Housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹10 lakh crore.

5. Infrastructure and Space Economy

  • PMGSY Phase IV: Launched to provide all-weather connectivity to 25,000 rural habitations.

  • Space Economy Expansion: The goal is to expand the space economy by 5 times in the next 10 years, supported by a venture capital fund of ₹1,000 crore.

6. Tax Reforms and Relief

  • Standard Deduction: Increased from ₹50,000 to ₹75,000 for those in the new tax regime.

  • Corporate Tax: Over 58% of corporate tax receipts collected under the new regime.

  • Angel Tax Abolished: Boosting start-ups and investments.

  • Custom Duty Reduction: On X-ray panels, mobile phones, PCBA, and precious metals.

Learn more: If you’d like to explore further details, check out the sources linked above. 📚🔍