Budget Speech 2024
The budget speech is an annual event where the finance minister of a government presents the budget for the upcoming fiscal year to the legislative assembly or parliament. Budget Speech contains details of the revenue sources, including taxes, non-tax revenues, and capital receipts.
Budget Speech Highlights 2024
- Employment and Skilling:
- Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
- Comprehensive internship scheme for one crore youth in top companies over five years
- Employment-linked incentives, including one month’s wage support for first-time employees
- Women-specific skilling programs and increased workforce participation
- MSME and Manufacturing Support:
- Special attention to MSMEs and manufacturing sector
- Credit guarantee scheme and term loans for machinery purchase
- Technology support package for MSMEs
- SIDBI to open 24 new branches to serve MSME clusters
- Financial Initiatives:
- Mudra loan limit increased from ₹10 lakh to ₹20 lakh for previous borrowers
- Financial support for higher education loans up to ₹10 lakhs in domestic institutions
- Integrated technology system for Insolvency and Bankruptcy Code (IBC)
- Agriculture and Rural Development:
- ₹2.66 lakh crore provision for rural development
- Transformation of agricultural research to focus on productivity and climate-resilient crop varieties
- Initiative to introduce 1 crore farmers to natural farming over 2 years
- Infrastructure and Regional Development:
- Rental housing in PPP mode for industrial workers
- Special financial support of ₹15,000 crore for Andhra Pradesh
- New airports, medical facilities, and sports infrastructure for Bihar
- Economic Outlook:
- Inflation moving towards 4% target
- India’s economic growth described as a “shining exception”
- Focus on job creation and boosting consumption, potentially benefiting consumer goods, real estate, and auto sectors
- Nine Priority Areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms.
Revised Income Tax Rate under New Tax Regime
Budget 2024 Live:Revised tax rate under New Tax Regime as follows:
- ₹0-3 lakh – nil tax
- ₹3-7 lakh – 5%
- ₹7-10 lakh – 10%
- ₹10-12 lakh – 15%
- ₹12-15 lakh – 20%
- Above ₹15 lakh – 30%