The Finance Minister, Nirmala Sitharaman unveiled her historic 7th Budget 2024 on July 23.
India’s economic growth continues to be the shining exception and will remain so in the years ahead
– Nirmala Sitharaman
Table of Contents
Focus on
Garib
Mahilaye
The Finance Minister announced that increasing the participation of women in the workforce will be a priority. This will be facilitated by setting up hostels and creating partnerships to organize women-specific skilling programs.
Yuva
Annadata
- Higher MSP a month ago for all major crops
- Higher MSP a month ago for all major crops, delivering on our promise. The PM Garib Kalyan Anna Yojana was extended for five years
5 schemes
PM Package of 5 schemes to be announced to facilitate employment and skilling at Rs 2 lakh crore. Union Budget 2024 Live Updates: The Finance Minister announced a PM Package of five schemes aimed at facilitating employment and skilling, with an allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made for education, employment, and skilling.
These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees. First-timers will receive one month’s wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month’s salary, up to Rs 15,000, will be provided in three instalments. The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths.”
Nine priorities for this year and coming years
- Productivity and resilience in Agriculture
- Employment and skilling
- Inclusive HRD and social justice
- Mfg & services
- Urban development
- Energy security
- Infra
- Innovation, R&D
- Next generation reforms
Job creation in the manufacturing sector
Union Budget 2024 Live Updates: The Finance Minister said that job creation in the manufacturing sector will be incentivized through a scheme linked to the employment of first-time employees. This scheme will provide incentives to both employees and employers concerning EPFO contributions for the first four years of employment. It will benefit 30 lakh youth and cover additional employment in all sectors. The government will reimburse employers up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee. This initiative aims to incentivize the additional employment of 50 lakh people.
Bihar makes a swing in Budget
The Finance Minister stated that the request from the Bihar government for external assistance from multilateral development banks will be expedited.
Andhra gets financing for Pollavaram project
The Finance Minister said the government is committed to financing and completing the Pollavaram irrigation project, which is considered the lifeline for Andhra Pradesh and its farmers. Additional allocations will be provided this year to support capital investment for economic growth.
Here’s what Andhra and Bihar are getting
Finance Minister Nirmala Sitharaman says, “…Power projects including setting up of a new 2400 MW power plant at Pirpainti will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of Bihar Govt for external assistance from multilateral development banks will be expedited…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 years. Our govt is fully committed for the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers.”
FM on On credit guarantee schemes for MSMEs in mfg
On credit guarantee schemes for MSMEs in manufacturing, FM said, “to facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, a new scheme will be introduced. This guarantee fund will provide guarantees of up to Rs 100 crore.”
Govt enhances limit of MUDRA loans to Rs 20 lakh
The Finance Minister announced that the limit of MUDRA loans will be enhanced to Rs 20 lakh from the current Rs 10 lakh for those who have availed and successfully repaid loans under the TARUN category.
Budget provides Rs 2.66 lakh crore for rural development
FM Sitharaman announces critical mineral mission
IBC in focus
The Finance Minister announced that an integrated tech platform will be set up to improve outcomes under the Insolvency and Bankruptcy Code (IBC). This platform aims to achieve greater consistency, transparency, and better oversight for all stakeholders, including the National Company Law Tribunal (NCLT). The IBC has resolved over 1,000 companies, resulting in a direct recovery of ₹3.3 lakh crore to creditors. Additionally, 28,000 cases involving over ₹10 lakh crore have been disposed of prior to admission.”
Govt announces Rs 2.2 lakh crore push to make housing more affordable
Govt’s push on urban housing
The Finance Minister stated that under PM Awas Yojana, Urban 2.0, the housing needs of the urban poor and middle class will be addressed with an investment of Rs 10 lakh crore.
FM Sitharaman revises tax structure under new regime
How to access Budget 2024 documents?
You can view the Budget 2024 through the Union Budget Mobile App, available on Android and iOS platforms. Following the Budget speech, documents will be accessible on the web portal at www.indiabudget.gov.in.
Budget Income Tax
New tax slabs are announced that is revised form of new tax regime. mentioned in above image