In the Union Budget 2024-25, the government outlines clear goals to improve infrastructure, create jobs, and promote sustainable farming practices. Budget 2024 Highlight includes significant funding, new policies, and strategic initiatives to drive long-term economic growth and stability across India.
Table of contents
- Capex Budget 2024
- Budget For Tax 2024 – Budget 2024 Income Tax
- Customs Duty – Budget 2024
- Budget For Women Empowerment 2024
- Budget For Employment And Skilling
- Agriculture Budget 2024
- MSME And Manufacturing Budget 2024
- Financial Initiatives – Budget 2024
- Budget For Infra And Development
- Budget Announcement For Nuclear And Space
- Budget Estimates For FY25
- Union Budget Highlights – Quick Summary
- Union Budget Highlights 2024-25 – FAQ
Capex Budget 2024
Capex Budget 2024 refers to the capital expenditure allocation in the Union Budget 2024-25. This budget allocates ₹11.11 lakh crore towards capital projects. This represents 3.4% of India’s GDP, showing a strong commitment to infrastructure and development.
The Capex Budget 2024 focuses on improving infrastructure to increase economic growth. It includes major investments in roads, railways and urban development. By doing this, the government is aiming to improve connectivity and create jobs through these projects. Additionally, the budget provides long-term interest-free loans to states for infrastructure development, for balanced growth across regions. This substantial capital spending reflects the government’s focus on building a strong and robust economy.
Budget For Tax 2024 – Budget 2024 Income Tax
Budget 2024 income tax introduces change in tax rate under new tax regime as well as higher standard deductions for salaried employees. Budget 2024 income tax raise the limit of standard deduction from ₹50,000 to ₹75,000. This change will help reduce the tax burden on middle-class families, increase their disposable income and boost economic activity.
Income Tax Budget 2024
The Income Tax Budget 2024 makes significant changes to simplify the tax system and provide relief to taxpayers. The standard deduction for salaried employees has been raised from ₹50,000 to ₹75,000. Family pension deductions have also been increased, which will benefit millions of pensioners. Furthermore, the new tax regime includes revised tax brackets to reduce the tax burden on the middle class.
| Total Income (₹) | Revised Tax Rate (Under New Regime) |
| Up to 3,00,000 | Nil |
| 3,00,001 to 7,00,000 | 5% |
| 7,00,001 to 10,00,000 | 10% |
| 10,00,001 to 12,00,000 | 15% |
| 12,00,001 to 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Capital Gains Tax Budget 2024
Capital Gains Tax Budget 2024 introduces streamlined taxation on capital gains to reduce complexity and improve compliance.
- LTCG tax increased to 12.5% from 10%.
- STCG tax on some assets set at 20%.
- LTCG exemption limit raised to ₹1.25 lakh from ₹1 lakh.
- Listed financial assets held for over a year now classified as long-term.
Budget For F&O 2024
The Budget for F&O 2024 focuses on making futures and options (F&O) trading more accessible and transparent. The rates of Securities Transaction Tax (STT) are proposed to be increased. For the sale of options, the STT will rise from 0.0625% to 0.1% of the option premium. For the sale of futures, the STT will increase from 0.0125% to 0.02% of the traded price.
| Transaction Type | Previous STT Rate | New STT Rate |
| Sale of Options | 0.0625% of option premium | 0.1% of option premium |
| Sale of Futures | 0.0125% of traded price | 0.02% of traded price |
Angel Tax Budget 2024
The Angel Tax Budget 2024 provides much-needed relief to start-ups and investors by eliminating the angel tax for all types of investors. This move is expected to improve the entrepreneurial ecosystem by making it easier for start-ups to raise funds. The elimination of this tax reduces the financial burden on investors, encouraging more investment in innovative, high-growth start-ups.
Customs Duty – Budget 2024
Customs Duty is a tax imposed on imports and exports of goods. In Budget 2024, the government made several changes to customs duties to promote domestic manufacturing and make raw materials cheaper. These adjustments aim to reduce expenses and increase economic growth.
| Item | Previous Rate | New Rate |
| Gold and Silver | 12.5% | Reduced to 6% |
| Lithium | 7.5% | Exempt for lithium and cobalt. |
| Mobile phone PCBs | 20% | Reduced to 15% |
| Platinum | 12.5% | Reduced to 6.4% |
| Ferronickel and Blister Copper | 2.5% | Removed to 0% |
| Specified Telecom Equipment | 10% | Increased to 15% |
| Brood Stocks, Shrimps, Fish Feed | 10% | Reduced to 5% |
| Ammonium Nitrate | 7.5% | Increased to 10% |
| Non-biodegradable Plastics | 10% | Increased to 25% |
Budget For Women Empowerment 2024
The Budget for Women Empowerment 2024 focuses on increasing women’s participation in the workforce and supporting their economic growth. The budget allocates ₹3 lakh crore for women-centric schemes to promote their active involvement in the country’s growth and development.
The budget includes initiatives like working women’s hostels, skilling programmes, and financial support to empower women and boost their economic contributions. In detail, Budget 2024 introduces several key measures to support women. The government intends to establish working women’s hostels to encourage greater workforce participation. Furthermore, a comprehensive skilling programme aims to provide 20 lakh women with the necessary skills for various industries over the next five years.
Budget For Employment And Skilling
The Budget for Employment and Skilling focuses on increasing job opportunities and improving workforce skills. In Budget 2024, the government allocated ₹1.48 lakh crore for education, employment, and skilling. This investment aims to boost economic growth by preparing a skilled workforce for future challenges.
Budget 2024 introduces several key initiatives for employment and skilling. The government plans to launch a new centrally sponsored scheme to skill 20 lakh youth over five years, with upgraded Industrial Training Institutes (ITIs) in a hub-and-spoke model. This scheme includes financial support for students through revised skill loan schemes and higher education loans. These measures are designed to create a helpful employment environment and ensure that India’s youth are equipped with the necessary skills to thrive in a competitive global market.
Agriculture Budget 2024
The Agriculture Budget 2024 focuses on increasing productivity, resilience, and sustainability in the agricultural sector. The government allocated ₹1.52 lakh crore to agriculture and allied sectors, aiming to support farmers, promote natural farming, and improve infrastructure and market access.
The Budget 2024 introduces several initiatives to strengthen agriculture. It includes the release of 109 high-yielding, climate-resilient crop varieties to boost productivity. Over the next two years, the government wants to support 1 crore farmers in switching to natural farming through branding and certification.
Rural Development India – Union Budget 2024
Rural Development India focuses on improving infrastructure, livelihoods, and quality of life in rural areas. The Union Budget 2024 allocates ₹2.66 lakh crore for rural development, focusing on improving connectivity, providing better amenities, and supporting agricultural and non-agricultural activities in villages.
The Budget 2024 introduces several comprehensive courses of action for rural development. It includes the launch of Phase IV of the Pradhan Mantri Gram Sadak Yojana (PMGSY) to provide all-weather roads to 25,000 rural habitations. Additionally, it supports the construction of 3 crore houses under the PM Awas Yojana, offering housing facilities for the rural poor. The budget also highlights water supply and sanitation projects through the Jal Jeevan Mission, aiming to provide clean drinking water to every rural household.
MSME And Manufacturing Budget 2024
The MSME and Manufacturing Budget 2024 focuses on strengthening small and medium enterprises and boosting the manufacturing sector. This budget includes a ₹100 crore Credit Guarantee Scheme and an increased Mudra loan limit in order to support MSMEs and promote their growth.
Budget 2024 introduces several initiatives to support MSMEs. The ₹100 crore Credit Guarantee Scheme will help MSMEs access credit without collateral, reducing financial barriers. The Mudra loan limit has been increased from ₹10 lakh to ₹20 lakh, providing more significant financial support for small businesses.
Additionally, a new assessment model for MSME credit will be developed, reducing dependency on external assessments and improving credit flow. The budget also includes procedures to ensure timely payments to MSMEs within 45 days, improving their cash flow and stability.
Financial Initiatives – Budget 2024
The Budget 2024 introduces several key financial initiatives. The Mudra loan limit has been increased from ₹10 lakh to ₹20 lakh to support small businesses. A ₹100 crore Credit Guarantee Scheme for MSMEs will improve access to credit without collateral.
The budget allocates ₹3,000 crore to promote digital payments, aiming to increase financial inclusion and reduce the reliance on cash transactions. The budget also proposes the establishment of 50 multi-product food irradiation units in the MSME sector to improve food safety and export quality. These initiatives aim to create a more resilient and inclusive financial ecosystem, promoting sustainable economic development and stability.
Budget For Infra And Development
The Budget for Infra and Development focuses on improving infrastructure across India. In Budget 2024, the government allocated ₹11.11 lakh crore for infrastructure projects to boost connectivity, support economic growth, and improve public services.
The Budget 2024 introduces several key measures to improve infrastructure and development. It provides ₹1.5 lakh crore in interest-free loans to states for infrastructure projects over the next 50 years. Major investments will be made in roadways, with a significant allocation for the expansion and modernization of highways and expressways.
Budget Announcement For Nuclear And Space
The Budget Announcement for Nuclear and Space 2024 highlights the government’s focus on advancing nuclear energy and space exploration. Additionally, a ₹1,000 crore venture capital fund supports expanding the space economy, targeting a fivefold growth over the next decade.
The government will implement policy reforms to streamline regulations, encouraging private sector participation in nuclear energy. This includes developing advanced nuclear technologies and enhancing infrastructure. For the space sector, increased funding will support research, satellite development, and international collaborations. These initiatives aim to drive employment, technological advancement, and position India as a leader in the global space industry.
Budget Estimates For FY25
Budget Estimates for FY25 outline the government’s projected financial plans for the fiscal year 2024-25. The fiscal deficit is estimated to be 4.9% of GDP, with total expenditure projected at ₹48.21 lakh crore and net tax receipts expected to be ₹25.83 lakh crore.
The budget estimates for FY25 include several key figures. The total receipts are projected at ₹32.07 lakh crore, with the government planning to borrow ₹14.01 lakh crore to meet its spending needs.
The budget provides significant allocations for infrastructure, education, and healthcare, with ₹11.11 lakh crore earmarked for capital expenditure to boost economic growth. These estimates reflect the government’s commitment while ensuring substantial investments in critical sectors to drive sustainable development and improve the overall quality of life for its citizens.
Union Budget Highlights – Quick Summary
- The Union Budget 2024-25 focuses on infrastructure improvement, job creation, and sustainable farming with strategic initiatives for economic growth and stability.
- Income tax changes include higher standard deductions for salaried employees, reducing the tax burden on middle-class families.
- Customs duties were revised to promote domestic manufacturing, with significant rate reductions for raw materials and increases for certain imports.
- ₹3 lakh crore was allocated to women-centric schemes to boost their workforce participation and economic growth.
- ₹1.48 lakh crore was allocated for education, employment, and skilling in order to prepare a skilled workforce.
- ₹1.52 lakh crore was allocated to agriculture to support farmers, promote natural farming, and improve infrastructure.
- ₹2.66 lakh crore was allocated to rural development to boost infrastructure, livelihoods, and quality of life in villages.
- Strengthening MSMEs with a ₹100 crore Credit Guarantee Scheme and increased Mudra loan limits to support their growth.
- Increased Mudra loan limit and a new Credit Guarantee Scheme to improve access to credit for small businesses.
- 11.11 lakh crore was allocated to capital projects, representing 3.4% of GDP, reflecting a strong commitment to infrastructure development.
- A ₹1,000 crore venture capital fund for the space economy will be used, with an emphasis on nuclear energy and space exploration.
- The fiscal deficit is estimated at 4.9% of GDP, with total expenditure projected at ₹48.21 lakh crore and net tax receipts at ₹25.83 lakh crore.
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Union Budget Highlights 2024-25 – FAQ
The Budget 2024-25 includes significant changes to the tax system. The standard deduction for salaried employees has been increased from ₹50,000 to ₹75,000. Additionally, the new tax regime features revised tax slabs aimed at reducing the tax burden on the middle class.
The new tax slabs for 2024 are:
Up to ₹3 lakh: 0%
₹3-7 lakh: 5%
₹7-10 lakh: 10%
₹10-12 lakh: 15%
₹12-15 lakh: 20%
Above ₹15 lakh: 30%
The government has listed five bills for the Budget Session 2024:
The Disaster Management (Amendment) Bill, 2024
The Bhartiya Vayuyan Vidheyak, 2024
The Coffee (Promotion and Development) Bill, 2024
The Rubber (Promotion and Development) Bill, 2024
The Boilers Bill, 2024
The Prime Minister’s package of 5 schemes aims to facilitate employment, skilling, and opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore. This year, ₹1.48 lakh crore has been allocated for education, employment, and skilling.
The Budget 2024-25 allocates ₹1.52 lakh crore for agriculture, focusing on enhancing productivity and sustainability in the sector. It also includes measures for modernising agricultural practices and supporting farmers’ welfare.
