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Budget 2024 Highlights
July 26 , 2024
122 days
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- Finance Minister Nirmala Sitharaman presented her seventh straight Budget on July 23 for the fiscal 2024-25.
- She surpassed the record of former Prime Minister Morarji Desai.
- The total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore respectively.
- The net tax receipts are estimated at Rs 25.83 lakh crore and the fiscal deficit is estimated at 4.9% of GDP.
- Also, the government will aim to reach a deficit below 4.5% next year.
- The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore respectively.
- She announced three new employee-linked incentive schemes in the Union Budget.
- Students who have not yet benefited from any government schemes will get support loans of up to ₹10 lakh for education in domestic institutions.
- The standard deduction for salaried employees will be hiked to ₹75,000, from ₹50,000 under the new income tax regime in FY25.
- This Budget proposed a reduction in the basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.
- The finance minister announced several schemes for Bihar in her speech. The schemes are a part of a larger plan titled “Purvodaya”.
- It covers the all-round development of eastern States including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
- The government will support building of expressways in Bihar at a total cost of ₹26,000 crore.
- For promoting women-led development, the budget carries an allocation of over ₹3 lakh crore for schemes benefitting women and girls.
- The rate of taxation remains unchanged, the size of each of the slabs, excluding the initial zero to ₹3 lakh, remains unchanged.
- The erstwhile slab of ₹3 lakh to ₹6 lakh would now be expanded to ₹3 lakh to ₹7 lakh.
- However, the rate of taxation, that is 5%, remains unchanged.
- Similarly, the other slabs, that is, ₹6 to 9 lakhs, ₹9 to 12 lakhs, ₹12-15 lakhs and thereby beyond, would be revised to ₹7-10 lakhs, ₹10-12 lakhs, ₹12-15 lakhs and thereby beyond.
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