Summary of the Indian Union Budget 2024

On July 23, Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2024–25. In this article, we will tell you about the key features of the Union budget for 2024–2025.

1. The new tax regime includes higher standard deductions for paid employees and a revised family pension deduction.

- Revised Tax Rates:

• 0-3 lakh rupees: Nil

• 3-7 lakh rupees: 5%

• 7-10 lakh rupees: 10%

• 10-12 lakh rupees: 15%

• 12-15 lakh rupees: 20%

• Above 15 lakh rupees: 30%

2. Provisions for the agriculture sector include:

- Natural Farming

• 1 crore farmers across the country will be initiated into natural farming

supported by certification and branding in the next 2 years.

• 10,000 need-based bio-input resource centers to be established.

• Digital crop survey in 400 districts

• Digital Public Infrastructure (DPI) for coverage of farmers and their lands in 3 years.

3. The Indian government will launch 'NPS Vatshalya', a new scheme allowing parents and guardians to make pension payments.

4. Govt announces three new employment schemes. These schemes, based on enrolment in the Employees' Provident Fund Organization (EPFO), aim to boost employment:

Scheme A: Provides one month's wage to new workforce entrants across all sectors.

Scheme B: Offers incentives for additional employment in the manufacturing sector, benefiting 30 lakh youth and their employers by covering EPFO contributions for the first four years.

Scheme C: Covers additional employment in all sectors, reimbursing employers up to Rs 3,000 per month for two years for each additional employee earning up to Rs 1 lakh per month, expected to incentivise 50 lakh new jobs.

5. Internship Opportunities

• Scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years

• Allowance of 5,000 per month along with a one-time

• the assistance of 16,000 through the CSR funds.

6. Skilling Programme

20 lakh youth will be skilled over a 5-year

period. 1,000 Industrial Training Institutes will

be upgraded in the hub and spoke arrangements with

outcome orientation. Course content & design aligned as per

skill needs of the industry.

7. Allocation of more than ₹3 lakh crore for schemes benefitting women and girls.

8. Innovation, Research & Development

• Operationalization of the Anusandhan National Research

• Fund for basic research and prototype development.

• Private sector-driven research and innovation at commercial scale with a financing pool of 11 lakh crore

• Space Economy: A venture capital fund of 1,000 crores is to be set up

9. More than 100 branches of India Post Payment Bank will be set up in the North East region.

10 . Tourism

· Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor modeled on the Kashi Vishwanath Temple Corridor

· A comprehensive development initiative for Rajgir will be undertaken which holds religious significance for Hindus, Buddhists, and Jains

· The development of Nalanda as a tourist center besides reviving Nalanda University to its glorious stature.

· Assistance to the development of Odisha's scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes, and pristine beaches make it an ultimate tourism destination.

Download the WikiFX app on your phone for more similar updates and stay up to date on the latest Forex market news.