||Black and White Digital News||

||Parvinder Singh July 23,2024||

New Delhi: In a landmark address to the nation, Union Finance Minister Nirmala Sitharaman presented her seventh consecutive budget, setting the tone for a transformative economic trajectory for India. This budget marks the first by the BJP-led NDA government since its re-election in June, emphasizing employment, skilling, MSMEs, and the middle class.

“Our focus is clear: employment, skilling, MSMEs, and the middle class,”stated Sitharaman. With an allocation of ₹1.48 lakh crore dedicated to education, employment, and skill development, the budget aims to create a robust framework for sustained economic growth.

Nine Pillars of Progress…

Sitharaman outlined nine key priorities of the budget, each designed to bolster different facets of the economy:

1. Productivity and Resilience in Agriculture.

2. Employment and Skilling.

3. Inclusive Human Resource Development and Social Justice.

4. Manufacturing and Services.

5. Support for MSMEs.

6. Urban Development.

7. Energy Security

8. Infrastructure

9. Innovation, Research, and Development

Agricultural Advancements:

The budget announced several initiatives to support farmers, including a push for natural farming, self-sufficiency in pulses and oilseeds, and the development of digital public infrastructure. “Our farmers will lead the way in a new era of agricultural resilience,” emphasized Sitharaman.

Employment and Education: Building Future Generations:

Three new employee-linked incentive schemes were introduced to align with the Prime Minister’s package, encouraging enrollment in the Employee Provident Fund Organisation. These schemes will support both first-time employees and employers.

In a bid to make education more accessible, students who have not benefited from any government schemes will now have access to support loans of up to ₹10 lakh for domestic institutions. “We are investing in our youth, providing them with the tools to succeed,” said Sitharaman.

A comprehensive internship program will be launched, offering 1 crore youth the opportunity to gain real-world business experience in 500 top companies over the next five years.

Purvodaya: Transforming the East…

The budget earmarked significant funds for the development of eastern states under the “Purvodaya” initiative, including Bihar and Andhra Pradesh. Bihar will receive ₹26,000 crore for expressways, power projects, new airports, medical colleges, and sports infrastructure. Andhra Pradesh will benefit from funds allocated for industrial development, focusing on essential infrastructure such as water, power, and roads.

Empowering Women:

A landmark allocation of over ₹3 lakh crore has been dedicated to women-led development. “This budget is a testament to our commitment to gender equality,” stated Sitharaman.

Strengthening MSMEs:

Recognizing the pivotal role of MSMEs, the budget introduces a new credit assessment model based on digital footprints rather than traditional metrics like assets and turnover. “We are ensuring that our MSMEs thrive and continue to be the backbone of our economy,” said the Finance Minister.

Personal Income Tax Revisions:

Sitharaman announced revised tax slabs under the new regime, providing substantial relief for salaried employees, who can now save up to ₹17,500 in taxes. “Our revised tax regime is designed to benefit the middle class,” she affirmed.

Tax Simplification and Compliance…

The budget continues efforts to simplify taxes, with a comprehensive review of the Income-Tax Act to reduce disputes and litigation. Digitalization of remaining Customs and Income Tax services will further enhance efficiency. The Vivad Se Vishwas Scheme 2024 was also announced to resolve specific income tax disputes.

Sector-Specific Customs Duties:

Customs duties have been strategically adjusted across various sectors to promote domestic manufacturing and reduce costs, including mobile phones, critical minerals, shrimp feed, and precious metals.

Budget 2024 Highlights:

Employment & Education:

₹1.48 lakh crore allocation.

New employee-linked incentive schemes.

Support loans of up to ₹10 lakh for students.

Comprehensive internship scheme for 1 crore youth.

Agriculture:

Natural farming initiatives.

Self-sufficiency in pulses and oilseeds.

Digital public infrastructure development.

Women Empowerment:

Over ₹3 lakh crore allocated for women-led development.

MSMEs:

New credit assessment model based on digital footprint.

Personal Income Tax:

Revised tax slabs.

Up to ₹17,500 savings for salaried employees.

Tax Simplification:

Ongoing efforts to reduce disputes and litigation.

Vivad Se Vishwas Scheme 2024.

Sector-Specific Customs Duties:

Adjusted duties across multiple sectors to promote growth.

With these comprehensive measures, Budget 2024 sets a bold vision for India’s future, fostering inclusive growth and resilience across all sectors. “This is a budget for every Indian, paving the way for a brighter, more prosperous future,” concluded Sitharaman.