National News

Budget 2024 Highlights

July 26 , 2024 807 days 1806 0

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.