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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- 20% TDS withdrawn on repurchase of mutual funds or UTIs.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 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