- विज्ञापन -
New Delhi:Union Finance Minister Nirmala Sitharaman presented the budget for the year 2024 in Parliament today. During the budget, while she announced a new tax regime on India’s largest salaried class , pensioners, she also made new announcements on industry to farmers, youth to the elderly.
The Union Finance Minister, while announcing the new tax regime for the salary-seeking community, said that now income up to Rs 3 lakh will be completely tax free. 5 percent tax will have to be paid on income from Rs 3 lakh to Rs 7 lakh. 10 percent tax will have to be paid on income from Rs 7 lakh to 10 lakh, 15 percent on Rs 10 to 12 lakh and 20 percent tax will have to be paid by those with income from Rs 15 lakh to 20 lakh. Similarly, those with income of more than Rs 20 lakh will have to deposit 30 percent tax in the government treasury.
New Tax Regime introduced in Budget 2024
Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%
Finance Minister reduce customs duties on gold and silver to six per cent and on platinum to 6.4 per cent to enhance value addition in precious metal jewellery. “To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent,” Sitharaman said while presenting Union Budget 2024-25 in the Lok Sabha.
Referring to other metals, she said steel and copper are important raw materials. She propose to remove the BCD (Basic Customs Duty) on ferro nickel and blister copper. She Said, I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap.
New Credit Guarantee scheme For MSME
Finance Minister Nirmala Sitharaman said the government has provided special attention to MSMEs and labour-intensive manufacturing and formulated a package covering financial and technological support to the sector.
She announced a Credit Guarantee scheme of Rs 100 crore for MSMEs, building in-house capabilities, and a paradigm shift in the credit assessment model for credit eligibility. She also announce12 industrial parks under the National Industrial Corridor Programme and facilitates rental housing for industrial workers through a PPP mode.
The fund will facilitate term loans to MSMEs for purchase of machinery and equipment without collateral or third-party guarantees, she said. The scheme will operate on the pooling of credit risks of such MSMEs. A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger. Sitharaman said.
For this public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment, the Finance Minister said.
The Finance Minister also stated that this new mechanism will facilitate the continuation of bank credit to MSMEs while they are in the SMA (Special Mention Account) stage. Credit availability will be supported through a guarantee from a government-promoted fund.
In her speech in Parliament, Sitharaman said the budget aims to bolster various sectors, including manufacturing, services, urban development, energy security, and infrastructure, with comprehensive measures to drive economic growth and development.
The government has doubled the MUDRA loan limit in the Tarun category from Rs 10 lakh to Rs. 20 lakh.
Sitharaman proposed to reduce the turnover threshold of buyers for mandatory onboarding on the TReDS (Trade Receivables electronic Discounting System) platform from Rs 500 crore to Rs 250 crore.
This measure will bring 22 more CPSEs (Central Public Sector Enterprises) and 7000 more 10 companies onto the platform. Medium enterprises will also be included in the scope of the suppliers, the Finance Minister said.
The union government will expand branches of the Small Industrial Development Bank of India (SIDBI) to serve the micro, small and medium enterprises (MSME) clusters within three years, Sitharaman said. The branches will cover 168 clusters of the total 242 clusters, she said.
Spiritual Terrorism Gets Boost in Bihar
FM said, “Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches.”
Financial support of Rs 11,500 crore for Bihar
FM announced, “PM Gram Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural habitats…Bihar has frequently suffered from floods. Plans to build flood control structures in Nepal are yet to progress. Our government will provide financial support with an estimated cost of Rs 11,500 crore…Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance.”
Natural calamities assistance announcement For Himachal, Uttarakhand, Assam, Sikkim and Bihar
Union Budget-2024 Finance Minister announced financial assistance to states including Himachal Pradesh, Uttarakhand, Bihar, Assam and Sikkim which have suffered losses due to floods and other natural calamities. She said that Bihar, which frequently suffers from floods, will get some relief as plans to build flood control structures in Nepal will soon progress.
“Bihar has frequently suffered from floods, many of them originating outside the country. Plans to build flood control structures in Nepal are yet to progress. Our government through the accelerated irrigation benefit program and other sources will provide financial support for projects with estimated cost of Rs 11,500 crores such as the Kosi-Mechi intra-state link and 20 other ongoing and new schemes including barrages, river pollution abatement and irrigation projects.
For Himachal Pradesh, the Finance Minister announced assistance for reconstruction and rehabilitation. “Himachal Pradesh suffered extensive losses due to floods last year. Our government will provide assistance to the state for reconstruction and rehabilitation through multilateral development assistance,” Sitharaman said.
She also announced to provide assistance to Uttarakhand which also suffered losses due to cloud burst and massive landslides
“Recently, Sikkim witnessed devastating flash floods and landslides that wreaked havoc across the state. Our government will provide assistance to the state,” Sitharaman added.
Nine priorities of Modi govt under Budget 2024-25
Finance Minister Nirmala Sitharaman tables Union Budget 2024-25 in the Lok Sabha. Union Budget 2024-25 envisages sustained efforts on 9 priorities for generating ample opportunities for all: Nirmala Sitharaman. The Nine priorities of the Modi government under this budget are: Productivity and resilience in Agriculture, Employment and Skilling, Inclusive Human Resource Development and social justice, Manufacturing and service, Urban Development, Energy security, Infrastructure, Innovation Research and Development and next-generation reforms.
For Industry sector Union Budget 2024-25:
Working Women hostels to be set up
FM said, “Working women hostels will be set up. Higher participation of women in the workforce to be promoted through hostels and creches…Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions.”
PM Suryaghar Muft Bijli Yojana announced
PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it
Pradhan Mantri Janjatiya Unnat Gram Abhiyan Announced
Pradhan Mantri Janjatiya Unnat Gram Abhiyan will be launched for improving the socio-economic condition of tribal communities. The scheme will adopt saturation coverage for tribal families in tribal-majority villages and aspirational districts. This will cover 63,000 villages benefitting 5 crore tribal people.
Mudra Loand increased to Rs 20 lakh from 10 lakh
FM Nirmala Sitharaman on Bihar
Making important announcement for Bihar, FM Nirmala Sitharaman said, “On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. It will catalyse the development of the easter region. We will also support the development of road connectivity projects- Patna -Purnea expressway, Buxar- Bhagalpur highway, Bodhgaya- Rajgir-Vaishali- Darbhanga and an additional two-lane bridge over river Ganga in Buxar for Rs 26,000 crores
FM Nirmala Sitharaman on Andhra Pradesh
FM said, “Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state’s need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future year.”
For Human Resource Development and Social Justice
Loan of Rs 10 lakh proposed for higher education
Union Budget 2024-25 proposes revision of Model Skill Loan Scheme to help 25,000 students every year. E-vouchers for loans upto Rs. 10 lakh for higher education in domestic institutions to be given directly to 1 lakh students every year for annual interest subvention of 3% of loan amount.
Prime Minister’s package for employment and skilling announced, Here are details
Prime Minister’s Package for employment and skilling: 3 schemes announced for ‘Employment Linked Incentive’
🔆Scheme A: First Timers
🔆Scheme B: Job Creation in manufacturing
🔆Scheme C: Support to employers pic.twitter.com/NYDLNjEaea— Ministry of Finance (@FinMinIndia) July 23, 2024
Watch Budget Live here
#WATCH | Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha. pic.twitter.com/TPWpZqB0O9
— ANI (@ANI) July 23, 2024
Farmers and common have been reeling under inflation: Manish Tewari
On Union Budget of Modi govt, Congress MP Manish Tewari said, “The Economic Survey points to the fact that there has been stubborn food inflation. There was a funny recommendation in the Economic Survey that food inflation should be taken out of the ambit while calculating a cut in interest rates. Under those circumstances, it is imperative that the farmers and common who have been reeling under inflation, their needs need to be factored in
Finance Minister Nirmala Sitharaman and other met President Drouapdi Murmu. Droupadi Murmu greeted and even offered ‘Dahi Cheeni’ to FM Sitharaman. Dahi Cheeni is considered auspicious and fed before start of anything important. Finance Minister will present the budget at 11 am in the parliament. Here are visuals of their meeting.
#WATCH | Finance Minister Nirmala Sitharaman meets President Droupadi Murmu at Rashtrapati Bhavan, ahead of the Budget presentation at 11am in Parliament.
(Source: DD News) pic.twitter.com/VdsKg5bSLG
— ANI (@ANI) July 23, 2024
Finance Minister Nirmala Sitharaman headed to Rashtrapati Bhavan to call on President Murmu, ahead of Budget presentation at 11am in Parliament
#WATCH | Finance Minister Nirmala Sitharaman heads to Rashtrapati Bhavan to call on President Murmu, ahead of Budget presentation at 11am in Parliament pic.twitter.com/V4premP8lL
— ANI (@ANI) July 23, 2024
#WATCH | Delhi: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance
She will present the Union Budget today at around 11 AM at the Parliament. pic.twitter.com/cCNWgf4cl0
— ANI (@ANI) July 23, 2024
At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament. Earlier an interim budget was presented by her on February 1 before the general elections.
All eyes will be on the major announcements made by the Finance Minister and the government’s forward-looking guidance about the overall economy.
Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha.
She will table the budget one hour after the conclusion of the presentation of the Union Budget 2024-25 in the Lok Sabha.
The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement
