Budget 2024 Key Highlights:

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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