HIGHLIGHTS OF THE UNION BUDGET 2024-25
HIGHLIGHTS OF THE UNION BUDGET 2024-25
The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. The highlights of the budget are as follows:
Part-A
Budget Estimates 2024-25:
Package of PM’s five schemes for Employment and Skilling
Nine Budget Priorities in pursuit of ‘Viksit Bharat’:
Priority 1: Productivity and resilience in Agriculture
Priority 2: Employment & Skilling
Skill Development
Priority 3: Inclusive Human Resource Development and Social Justice
Purvodaya
Andhra Pradesh Reorganization Act
Women-led development
Pradhan Mantri Janjatiya Unnat Gram Abhiyan
Bank branches in North-Eastern Region
Priority 4: Manufacturing & Services
Credit Guarantee Scheme for MSMEs in the Manufacturing Sector
Credit Support to MSMEs during Stress Period
Mudra Loans
Enhanced scope for mandatory onboarding in TReDS
MSME Units for Food Irradiation, Quality & Safety Testing
E-Commerce Export Hubs
Critical Mineral Mission
Offshore mining of minerals
Digital Public Infrastructure (DPI) Applications
Priority 5: Urban Development
Transit Oriented Development
Urban Housing
Street Markets
Priority 6: Energy Security
Energy Transition
Pumped Storage Policy
Research and development of small and modular nuclear reactors
Advanced Ultra Super Critical Thermal Power Plants
Roadmap for ‘hard to abate’ industries
Priority 7: Infrastructure
Infrastructure investment by Central Government
Infrastructure investment by state governments
Pradhan Mantri Gram SadakYojana (PMGSY)
Irrigation and Flood Mitigation
Tourism
Priority 8: Innovation, Research & Development
Space Economy
Priority 9: Next Generation Reforms
Rural Land Related Actions
Urban Land Related Actions
Services to Labour
NPS Vatsalya
PART B
Indirect Taxes
GST
Sector specific customs duty proposals
Medicines and Medical Equipment
Mobile Phone and Related Parts
Precious Metals
Other Metals
Electronics
Chemicals and Petrochemicals
Plastics
Telecommunication Equipment
Trade facilitation
Critical Minerals
Solar Energy
Marine products
Leather and Textile
Direct Taxes
Simplification for Charities and of TDS
Simplification of Reassessment
Simplification and Rationalisation of Capital Gains
Tax Payer Services
Litigation and Appeals
Employment and Investment
Deepening tax base
Social Security Benefits.
Other major proposal in Finance Bill
Changes in Personal Income Tax under new tax regime
0-3 lakh rupees
Nil
3-7 lakh rupees
5 per cent
7-10 lakh rupees
10 per cent
10-12 lakh rupees
15 per cent
12-15 lakh rupees
20 per cent
Above 15 lakh rupees
30 per cent
- Scheme A – First Timers: One-month salary of up to `15,000 to be provided in 3 installments to first-time employees, as registered in the EPFO.
- Scheme B – Job Creation in manufacturing: Incentive to be provided at specified scale directly, both employee and employer, with respect to their EPFO contribution in the first 4 years of employment.
- Scheme C – Support to employers: Government to reimburse up to `3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee.
- New centrally sponsored scheme for Skilling
- 20 lakh youth to be skilled over a 5-year period.
- 1,000 Industrial Training Institutes to be upgraded in hub and spoke arrangements.
- New Scheme for Internship in 500 Top Companies to 1 crore youth in 5 years