SUMMARY OF THE UNION BUDGET 2024-2025

1. India’s inflation continues to be low, stable and moving towards the 4 per cent target
2. PM’S package of 5 schemes and initiatives with an outlay of ₹ 2 lakh crore to facilitate employment, skilling and other opportunities for 4.1 crore youth in 5 years
3. For pursuit of ‘Viksit Bharat’, the budget envisages sustained efforts on 9 priorities for generating ample opportunities for all
4. Budget 2024-25 focuses on employment, skilling, MSME’S and middle class
5. New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers
6. In the next two years, 1 crore farmers across the country will be initiated into natural farming
7. A provision of ₹ 1.52 lakh crore for agriculture and allied sector announced for this year.
8. 1,000 industrial training institutes will be upgraded
9. Government will formulate a plan, PURVODAYA, for the all-round development of the eastern region covering Bihar, Jharkhand, West Bengal, Odisha And Andhra Pradesh
10. For promoting women-led development, the budget carries an allocation of more than ` 3 lakh crore for schemes benefitting women and girls
11. A provision of ₹ 2.66 lakh crore for rural development including rural infrastructure made this year
12. The limit of mudra loans will be enhanced to ₹ 20 lakh from the current ₹ 10 lakh
13. Government to launch a comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years
14. Under PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹ 10 lakh crore
15. Phase iv of PMGSY will be launched to provide all-weather connectivity to 25,000 rural habitations
16. Emphasis on expanding the space economy by 5 times in the next 10 years with a venture capital fund of ₹ 1,000 crore
17. Major relief to 4 crore salaried individuals and pensioners in income tax
18. Standard deduction increased from ₹ 50,000 to ₹ 75,000/- for those in new tax regime
19. Deduction on family pension increased from ₹ 15,000/- to ₹ 25,000/-
20. Over 58 per cent corporate tax receipts collected under the new regime, two third of individual income tax payers switched over to new income tax regime
21. Angel tax abolished for all class of investors to boost start-ups and investments
22. Corporate tax on foreign companies reduced from 40 to 35 per cent to invite investments
23. 5 per cent tds on many payments merged to 2 per cent tds
24. Capital gain exemption limit increased to ₹ 1.25 lakh per year to benefit lower and middle income classes
25. Custom duty on x-ray panels, mobile phones & pcba reduced to 15 per cent
26. Precious metals including gold and silver to become cheaper, custom duty reduced to 6 per cent