Budget 2024: This is the second interim budget of the Modi government. This time the budget speech of Finance Minister Nirmala Sitharaman was of slightly less time (58 minutes), but many big and small announcements were made in it. Here we are telling these important things in 24 points. These contain some statistics and some important policy decisions, which may impact you.
So let us know these important things one by one…
Point- 1. No change in tax, like before, only income up to Rs 2.5 lakh is tax free.
The government has not given any relief in income tax to the common man this time. If you choose the old tax regime, your income up to Rs 2.5 lakh will still remain tax free. However, under Section 87A of the Income Tax Act, you can save tax on income up to Rs 5 lakh.
On choosing the new tax regime, like before, you will not have to pay tax on income up to Rs 3 lakh. In this also, under Section 87A of the Income Tax Act, salaried persons can get tax exemption on income up to Rs 7.5 lakh and others can get tax exemption on income up to Rs 7 lakh.
Point-2. Tax will be waived off in pending direct tax cases, one crore taxpayers will benefit.
Tax will be waived off in pending direct tax cases from 1962 to financial year 2009-10. However, this will happen only if the tax payable on you is up to Rs 25,000. Similarly, it has been decided to withdraw income tax related cases up to Rs 10,000 pending between 2010-11 to 2014-15. One crore taxpayers will benefit from this.
Point-3. Through rooftop solar, up to 300 units of free electricity will be available, one crore families will benefit.
Through rooftop solar, one crore families will get up to 300 units of free electricity every month. The government has been running ‘National Rooftop Scheme’ since 2014. At the same time, PM Modi has also recently announced ‘Pradhan Mantri Suryodaya Yojana’. In this, rooftop solar will be installed in 1 crore houses.
Point-4. 40,000 bogies to be converted to Vande Bharat standard, 3 new corridors announced Conversion of 40,000 bogies to Vande Bharat standard has also been announced to improve safety and convenience of
passengers Apart from this, three new corridors have been announced for the Railways.
- Energy and Cement Corridor: Will be built separately to transport cement and coal.
- Port Connectivity Corridor: This corridor will connect the major ports of the country.
- High Traffic Density Corridor: Will be built on routes where the number of trains is high.
These corridors were identified under the PM Gati Shakti Yojana to enable multi-modal connectivity. These corridors will help in reducing costs.
Point-5. New airports will be built under the UDAN scheme, existing airports will also be expanded.
The Finance Minister said that under the UDAN (Ude Desh Ka Aam Nagrik) scheme, new airports will be built and the already existing airports will be expanded. This scheme was started in 2016. Its objective is to make flight services accessible to common citizens by focusing on the development of infrastructure and air connectivity.
Point-6. Housing scheme for middle class, scope of rural housing also expanded.
Work of building 3 crore houses under PM Awas Yojana (Rural) has been completed. Another 2 crore houses will be built in the next 5 years. Along with this, the Finance Minister said that the government will launch a housing scheme for the eligible middle class to buy or build their own house.
Point-7. Scope of Ayushman Bharat extended, now Asha-Anganwadi workers will be covered.
Under Ayushman Bharat scheme, now all Anganwadi and Asha workers will be brought under its purview. It was started in 2018. This scheme provides health security to the low income group citizens of the country. Currently, under this scheme, free treatment up to Rs 5 lakh is available.
Point-8. Scope of Lakhpati Didi expanded, target to make 3 crore women millionaires.
Under the Lakhpati Didi scheme, the budget has set a target of making 3 crore women millionaires. Earlier this target was 2 crores. So far, one crore women have been made millionaires under this scheme. Under the scheme, small loans are given to women for entrepreneurship industry, education or other needs.
Point-9. Vaccination through U-WIN platform, free vaccine for girls aged 9-14 years
Vaccination will be promoted through U-WIN platform. In this, girls of 9-14 years of age will get free vaccine to prevent cervical cancer. After breast cancer, women suffer most from cervical cancer in India. Every year more than 1 lakh 25 thousand patients are diagnosed with cervical cancer. The death toll from this is above 77,000.
Point-10. Infrastructure budget increased by 11.1% to Rs 11.11 lakh crore.
This year the Central Government has increased the infrastructure budget by 11.1% to Rs 11.11 lakh crore. Which is 3.4% of GDP. Last year this budget was Rs 10 lakh crore. The government will spend this money on mega projects like building airports, flyovers, expressways and hospitals.
Point-11. Maximum Rs 6.2 lakh crore received for defense budget, increased by 3.4% from last year.
India’s defense budget is now Rs 6.20 lakh crore. Last year the defense budget was Rs 5.93 lakh crore. That means this time the defense budget has increased by 3.4%. The government has allocated Rs 2.82 lakh crore for the salaries of the three armies this year. This is Rs 12652 crore more than last year.
Point-12. Minimum Rs 1.27 lakh crore received for agriculture, 1.6% increase from last year.
The government has given Rs 1.27 lakh crore to the agriculture sector for the financial year 2024-25. This has increased by only Rs 2,000 crore more than last year i.e. 1.6%. Last year, Rs 1.25 lakh crore was given for the agriculture budget.
Point-13. Matsya Sampada Yojana will be promoted, it will provide 55 lakh new jobs.
Pradhan Mantri Matsya Sampada Yojana will be promoted. Aquaculture productivity will be increased from 3 tonnes to 5 tonnes. Will increase exports to Rs 1 lakh crore. Matsya Sampada Yojana will create 55 lakh new jobs.
Point-9. Vaccination through U-WIN platform, free vaccine for girls aged 9-14 years
Vaccination will be promoted through U-WIN platform. In this, girls of 9-14 years of age will get free vaccine to prevent cervical cancer. After breast cancer, women suffer most from cervical cancer in India. Every year more than 1 lakh 25 thousand patients are diagnosed with cervical cancer. The death toll from this is above 77,000.
Point-10. Infrastructure budget increased by 11.1% to Rs 11.11 lakh crore.
This year the Central Government has increased the infrastructure budget by 11.1% to Rs 11.11 lakh crore. Which is 3.4% of GDP. Last year this budget was Rs 10 lakh crore. The government will spend this money on mega projects like building airports, flyovers, expressways and hospitals.
Point-11. Maximum Rs 6.2 lakh crore received for defense budget, increased by 3.4% from last year.
India’s defense budget is now Rs 6.20 lakh crore. Last year the defense budget was Rs 5.93 lakh crore. That means this time the defense budget has increased by 3.4%. The government has allocated Rs 2.82 lakh crore for the salaries of the three armies this year. This is Rs 12652 crore more than last year.
Point-12. Minimum Rs 1.27 lakh crore received for agriculture, 1.6% increase from last year.
The government has given Rs 1.27 lakh crore to the agriculture sector for the financial year 2024-25. This has increased by only Rs 2,000 crore more than last year i.e. 1.6%. Last year, Rs 1.25 lakh crore was given for the agriculture budget.
Point-13. Matsya Sampada Yojana will be promoted, it will provide 55 lakh new jobs.
Pradhan Mantri Matsya Sampada Yojana will be promoted. Aquaculture productivity will be increased from 3 tonnes to 5 tonnes. Will increase exports to Rs 1 lakh crore. Matsya Sampada Yojana will create 55 lakh new jobs.
Point-14. Fund of Rs 1 lakh crore for tech-savvy youth, interest will not be charged for 50 years
Finance Minister Nirmala Sitharaman announced a fund of Rs 1 lakh crore for long-term financing of technological research. This loan will be for 50 years. No interest will be charged on this. The private sector will benefit from this in increasing its research and innovation. The Finance Minister said that the purpose of this fund is to keep in mind the tech-savvy youth of India.
Point-15. The budget also focuses on climate change, 6,585 charging stations will be built.
To achieve the target of zero carbon emission by 2070, the government has decided to reduce the import of ammonia and methanol gas. For this, a facility will be set up in the country to convert coal into gas and make fuel by 2030. The number of electric vehicles will also be increased. 6,585 charging stations will be built for charging electric vehicles.
Point-16. New medical colleges will be built, a committee will be formed for this. The
Finance Minister said that our government is planning to set up more medical colleges by using the existing hospital infrastructure under various departments. A committee will be formed for this.
Point-17. A new scheme will be started under Blue Economy 2.0, tourists will be able to do scuba diving.
Blue Economy means ocean-based economy or research and development of marine resources. The central government focuses on development through blue-economy near the coastal states. This is India’s first such sea mission, in which tourists will be taken scuba diving in the depths of the sea. Blue economy contributes about 4% to the country’s GDP.
Point-18. States will be encouraged for tourism, interest free loans will be available.
States will be encouraged to develop prestigious tourist centers and branding them at the global level. A framework will be created for rating the centers based on the quality of facilities and services. For this, states will get interest free loan.
Regarding domestic tourism, the Finance Minister said that projects for port connectivity, tourism infrastructure and facilities will be started on our islands including Lakshadweep. This will also help in generating employment.
Point-19. FDI inflow doubled in 10 years, talks with foreign partners for foreign investment.
FDI inflow during 2014-23 was 596 billion dollars. This is double the inflow during 2005-14. The Finance Minister said that to continuously encourage foreign investment, we are negotiating 22 bilateral investment treaties with our foreign partners.
Point-20. Target to reduce fiscal deficit to 4.5% by 2025-26, currently it is 5.1% of GDP.
Fiscal deficit is estimated to be 5.1% in the financial year 2024-25, which is 0.7% less than 2023-24. Finance Minister Nirmala Sitharaman said in her budget speech that the fiscal deficit will come down to 4.5% of GDP by the financial year 2025-26.
Point-21. There is a need for reforms in the states, for this Rs 75 thousand crore will be given interest free.
The Finance Minister said that to realize the vision of ‘Developed India’, many development and growth enabling reforms are needed in the states. For this, Rs 75 thousand crore will be given interest free to the state governments for 50 years.
Point-22. Under the Skill India Mission, 1.4 crore youth were trained, 390 universities were created.
The Finance Minister said that under the Skill India Mission, 1.4 crore youth were trained and 54 lakh people were reskilled. 3 thousand new ITIs were created. Established 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities for higher education.
Point-23. 25 crore people were brought out of poverty, Rs 34 lakh crore were sent to their accounts.
The government brought 25 crore people out of poverty. Rs 34 lakh crore sent to accounts under Garib Kalyan Yojana. 11.8 crore people have got financial help from PM Kisan Yojana.
Point-24. Help to 78 lakh street vendors, benefit of crop insurance scheme to 4 crore farmers.
Finance Minister said that water is being supplied to every house through Jal Yojana. Help has been given to 78 lakh street vendors. 4 crore farmers are given the benefit of PM Crop Insurance Scheme. 11.8 crore people have got financial help from PM Kisan Yojana.
