Union Budget 2024: Finance Minister Nirmala Sitharaman’s Full Speech | Modi 3.0
Highlights of India’s Budget 2024
Tax Reforms
– New tax regime introduces revised income tax rates:
– ₹0-3 lakh: nil tax
– ₹3-7 lakh: 5%
– ₹7-10 lakh: 10%
– ₹10-12 lakh: 15%
– ₹12-15 lakh: 20%
– Above ₹15 lakh: 30%
Economic Initiatives
– Employment and Skilling:
– Five schemes targeting 4.1 crore youth with ₹2 lakh crore outlay.
– Comprehensive internship scheme in top companies for one crore youth.
– Employment-linked incentives and support for women’s workforce participation.
– MSME and Manufacturing Support:
– Credit guarantee schemes, term loans, and technology support for MSMEs.
– SIDBI to open 24 branches for MSME clusters.
– Financial Initiatives:
– Mudra loan limit increased to ₹20 lakh; higher education loans up to ₹10 lakh.
– Integrated technology for Insolvency and Bankruptcy Code.
– Agriculture and Rural Development:
– ₹2.66 lakh crore for rural development; focus on agricultural productivity and natural farming.
– Infrastructure and Regional Development:
– PPP rental housing for industrial workers.
– Special financial support for Andhra Pradesh; development in Bihar.
Economic Outlook
– Inflation targeted at 4%; India’s economic growth highlighted as exceptional.
– Focus on job creation and boosting consumption across various sectors.
Priority Areas
– Nine key focus areas include agriculture, employment, manufacturing, urban development, energy, infrastructure, innovation, and reforms.
– Over ₹3 lakh crore allocated for women-led development; extension of PMGKAY benefiting 80 crore people.
Digital Advancements
– Development of Digital Public Infrastructure (DPI) for various applications enhancing governance and commerce.
This structured summary incorporates key elements from the budget announcement, focusing on tax reforms, economic initiatives, sectoral developments, and strategic allocations, which are likely to be relevant for SEO purposes given their current interest and importance in India’s economic landscape.
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