Budget 2024 Key Highlights:
Presented by: Finance Minister Nirmala Sitharaman on July 23, 2024.
Historic Note: Sitharaman’s seventh consecutive Union Budget, surpassing Morarji Desai’s record.
Tax Updates:
- Increased standard deduction to Rs 75,000.
- Revised tax rates under the new regime:
- ₹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%
Sectoral Allocations and Initiatives:
- Capex and Infrastructure: ₹11.1 lakh crore.
- Employment and Skilling: ₹2 lakh crore for youth schemes.
- MSMEs and Manufacturing: Credit guarantee schemes, technology support.
- Agriculture and Rural Development: ₹2.66 lakh crore.
- Economic Outlook: Focus on job creation and consumption.
Special Allocations:
- Women-Led Development: Over ₹3 lakh crore.
- Social Welfare: Extension of PMGKAY for five years.
- Regional Development: ₹15,000 crore for Andhra Pradesh, new infrastructure for Bihar.
Economic Focus:
- Inflation targeting 4%.
- Emphasis on digital public infrastructure.
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