Union Budget 2024: FM Sitharaman Unveils Growth-Focused Roadmap

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 today, her seventh budget, outlining a comprehensive plan aimed at sustaining India’s economic growth while addressing potential risks.

Key Highlights:

Nine Priority Areas: The budget focuses on agriculture, employment, inclusive development, manufacturing, urban development, energy security, infrastructure, innovation, and reforms.

Tax Reforms: A revised tax structure under the new regime offers relief to salaried employees, with potential savings up to Rs 17,500.

• 0-3L Zero
• 3-7L 5%
• 7-10L 10%
• 10-12L 15%
• 12-15L 20%
• 15 & above, 30%

Economic Outlook: Fiscal deficit targeted at 4.9% of GDP, with Rs 11.11 lakh crore allocated for capital expenditure.

Sector-Specific Initiatives:

• Agriculture: Comprehensive review of research to boost productivity.
• Employment: Schemes to increase women’s workforce participation and incentivize job creation.
• Education: Financial support for higher education loans up to Rs 10 lakh.
• Startups: Abolishment of Angel tax for all investor classes.

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Infrastructure Push: Rs 2.66 lakh crore for rural development and Rs 26,000 crore for road connectivity projects.

Housing: Rs 10 lakh crore investment under PM Awas Yojana, Urban 2.0.

R&D: Rs 1 lakh crore financial pool to spur private-driven research.

FDI: Simplification of rules to facilitate inflow and promote rupee use for overseas investments.

Corporate Tax: Rate cut from 40% to 35% for foreign companies.

MSME Support: New credit guarantee scheme offering up to Rs 100 crore in guarantees.

The Finance Minister emphasized the need to focus on the poor, women, youth, and farmers. A notable initiative includes a PM Package of 5 schemes to facilitate employment and skilling with an outlay of Rs 2 lakh crore.

Sitharaman also announced measures to boost the space economy, enhance urban infrastructure, and promote sustainable energy initiatives. The budget aims to balance growth aspirations with fiscal prudence, setting the stage for India’s economic trajectory in the coming year.

Also Read: India Union Budget 2024 Key Takeaways