Budget 2024 Highlights: Focus on Jobs, Agriculture and Infrastructure

Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on July 23rd, outlining the government’s vision to promote economic growth and job creation. Here are some of the key highlights:

Boosting Employment and Skills

• Launch of National Apprenticeship Promotion Scheme to provide stipends to 50 lakh youth for apprenticeship programs
• Revamping the National Skill Qualification Framework to facilitate integration of vocational education from Class 6
• Setting up 100 new Sainik Schools to provide military training and mainstreaming of NCC training

Supporting Agriculture and Rural Economy

• Rs 2.4 lakh crore allocated for ensuring food security and promoting crop diversification
• 10,000 FPOs to be formed to boost farmer incomes and enhance market access
• Rs 60,000 crore allocated for tap water supply to 38 million rural households

Infrastructure Growth

• Rs 10 lakh crore outlay for expanding national highways network to 25,000 km
• 100 PM GatiShakti Cargo Terminals to be developed during next 3 years
• Rs 2.4 lakh crore for Indian Railways – highest ever allocation

Relief for Individual Taxpayers

• Standard deduction increased from Rs 50,000 to Rs 1 lakh for salaried individuals
• Surcharge on long term capital gains reduced from 37% to 15%

Income Tax Rejigs
Deduction of employer expenditure towards NPS raised to 14% from 10% of salary
Deduction of expenditure up to 14% of salary from income provided under the new tax regime

New Tax Regime Slabs Changed

Income of Rs 0-3 lakh: 0%
Rs 3-7 lakh: 5%
Rs 7-10 lakh: 10%
Rs 10-12 lakh: 15%
Rs 12-15 lakh: 20%
Above Rs 15 lakh: 30%

The budget aims to sustain high growth while focusing on job creation and infrastructure expansion. Fiscal deficit is pegged at 4.5% of GDP for 2024-25.