Stocks in Focus

Budget 2024 Announcements: Consumer

  • Relief in standard deduction increased from Rs 50 thousand to Rs 75 thousand.
  • Big changes in the new tax regime, benefit of Rs 17.5 thousand. No change in the old one.
  • 20% TDS withdrawn on repurchase of mutual funds or UTIs.
  • Income up to Rs 3 lakh is tax free in the new tax regime.
  • 5% income tax from Rs 3 to 7 lakh.
  • 10% income tax from Rs 7 to 10 lakh.
  • 15% income tax from Rs 10 to 12 lakh.
  • 20% income tax from Rs 12 to 15 lakh.
  • Income above Rs 15 lakh will be taxed at 30%.
  • Significant progress in New Pension Scheme
  • Deduction on Family pension is enhanced from Rs 15,000 to Rs 25,000
  • Standard Deduction for pensioner increased to Rs 75,000 under New tax regime
  • Setting up hostels for working women
  • Setting up creches to help working women
  • Promotion of market access for women SHG enterprises
  • Opportunity for one crore youth to get internship in top-500 companies in 5 years.
  • Package of 5 PM schemes for employment, skill training.
  • 4 crore 10 lakh youth will be benefited in 5 years. Two lakh crores will be spent.
  • Model skill loan scheme to help 25,000 students every year.
  • Students will get college admission loan. The government will give up to 3% of the money.
  • Every year one lakh students will be given loan e-vouchers.
  • Big announcement for first time job seekers in the formal sector.
  • Those starting a job for the first time will get one month’s salary.
  • Maximum salary amount is Rs 15 thousand in three installments through direct benefit transfer.
  • The eligibility limit will be Rs 1 lakh per month. 2.10 crore youth benefited.
  • Employment opportunities for the youth with technical skills in manufacturing, installation and maintenance
  • The government will pay one month’s PF for 30 lakh youth who have their first job.
  • Provision of Rs 1.52 lakh crore for farmers and agriculture sector
  • The budget for farmers was increased by 21.6% i.e. Rs 25 thousand crore.
  • Will introduce 109 new varieties of 32 crops, 19 varieties with high yield.
  • Focus on crops like mustard, groundnut, sunflower and soybean.
  • Digital survey of crops will be conducted in 400 districts.
  • One crore farmers will join natural farming in one year
  • Information of 6 crore farmers will be brought to the land registry.
  • New Kisan Credit Cards will be issued in 5 states.
  • PM Tribal Unnat Gram Abhiyan Yojana for 63,000 tribal dominated villages.
  • Corporate Tax on Foreign Companies cut to 35% from 40%
  • New Mechanism for facilitating continuation of bank credits to MSME
  • Internship in 500 companies for 1 Cr youth in 5 years
  • Incentivise implementation of business reform action plan and digitalisation
  • Business Gains to be included under Profits & gains of life insurance business
  • Non reporting of movable asset upto Rs 20 lac not to be penalised
  • Self Help groups, women entrepreneurs, street vendors to get support for economic activites
  • National Livelihood Missions, Stand-up India to be stepped up
  • Empowering all eligible people with equal opportunities for education and health

Budget & Personal Finance

Budget 2024 Announcements: Sectors

  • Key Cancer Medicines exempted from custom duty
  • Changes in BCD on X-ray tubes and flat panel detectors for better sync with domestic capacity
  • Allocations for Healthcare sector up, at Rs 90,658.63 Cr
  • DPI Applications planned for healthcare sectors
  • Exempt Custom duty on 25 critical minerals
  • Allocation for the defence sector is highest at Rs 6.22 Lac Crore
  • Rs 1.72 lac crore allocated for fighter aircrafts, ships, submarines, other critical defence capabilities
  • Rs 1.05 lac crore earmarked for modernisation of defence equipments
  • Exempt Custom duty on 25 critical minerals also used in telecommunications
  • Incentivise local manufacturing, BCD on specific telecom equipments increased to 15% from 10%
  • Tax Cut on Mobile phone
  • 12 new industrial hubs will be built in the country.
  • The scope of credit guarantee scheme for MSMEs will increase.
  • Mudra loan amount increased from Rs 10 lakh to Rs 20 lakh.
  • New branches of SIDBI will be opened. 4 branches will open this year.
  • Funds will be provided for setting up 50 multi-product food units.
  • MSMEs will be given help to open food safety labs.
  • Scheme with private sector to promote e-commerce exports.
  • Internship for 5 crore youth in 500 top companies.
  • Under CSR, companies will bear 10% of the internship expenses of the youth.
  • Exempt Custom duty on 25 critical minerals including lithium used in EV Batteries
  • Incentivising job creation for manufacturing to help Auto OEMs, start-ups
  • Investment on 1000 industrial training centres to help auto manufacturing
  • Extend scheme for installing rooftop solar plants, PM Surya Ghar Muft Bijli Yojna
  • Promoting pump storage projects for electricity storage
  • Govt. to partner private companies for setting up Bharat small reactors, R&D in nuclear tech
  • Encourage development of advanced ultra super critical thermal power plants
  • NTPC-BHEL JV for 800 MW plant using AUSC tech
  • Rs 11 lakh crore for infrastructure in the country. 3.4% of GDP will be spent.
  • Transit Oriented Development Plans in 14 mega cities with 30 lakh+ population.
  • PMWasYojana Urban 2.0 scheme for 1 crore urban poor and middle class.
  • 100 weekly ‘haats’ or street food hubs will be set up in select cities.
  • Purvodaya Scheme for the development of Bihar, Jharkhand, Bengal, Odisha and Andhra.
  • Investment-ready “plug and play” industrial parks will be built in or around 100 cities.
  • 12 industrial parks approved under the National Industrial Corridor Development Programme.
  • Rs 26 thousand crore for road connectivity projects of Bihar.
  • Patna-Purnia Expressway, Buxar-Bhagalpur Expressway will be developed.
  • Bodhgaya, Rajgir, Vaishali and Darbhanga road connectivity projects will also be developed.
  • Like Kashi, a corridor will be built for Vishnupad temple of Gaya.
  • It will also help in building an additional two-lane bridge on river Ganga in Buxar.
  • Power projects will be started in Bihar at a cost of Rs 21 thousand 400 crore.
  • Polavaram Irrigation Project will be completed in Andhra.
  • Special Fund for Visakhapatnam-Chennai and Hyderabad-Bengaluru Industrial Corridors
  • Funds for essential infra in railways
  • Development of Vishakhapatnam – Chennai, Hyderabad – Bengaluru industrial corridors
  • Simpler tax regime for foreign shipping companies to encourage domestic cruise
  • Positioning India as global tourist destination
  • Development of Vishnu Path Temple at Gaya and Mahabodhi Temple at Bodh Gaya
  • Development initiative for Rajgir, Nalanda to enhance tourism
  • Provide assistance for development of tourist destinations in Odisha
  • Allocations for infra development to help real estate sector
  • focus on rural and urban reforms, digitisation of land records
  • establishment of land registries to streamline the process