The 2024 Budget presents a comprehensive roadmap towards achieving a 'Viksit Bharat' (Developed India). Here are the key highlights from the budget, focusing on major announcements, sector allocations, and economic projections.

Tax Proposals

The budget introduces several significant changes to the tax regime aimed at reducing the compliance burden and promoting entrepreneurial spirit:

Standard Deduction for salaried employees has been increased from ₹50,000 to ₹75,000.

Simplifying the New Tax Regime: The tax slabs have been revised to make them more straightforward:

₹0-₹3 lakh: Nil

₹3-₹7 lakh: 5%

₹7-₹10 lakh: 10%

₹10-₹12 lakh: 15%

₹12-₹15 lakh: 20%

Above ₹15 lakh: 30%

Deduction on family pension for pensioners increased from ₹15,000 to ₹25,000.

Angel Tax: Abolished for all classes of investors to encourage startup investments.

Corporate Tax: Reduced for foreign companies from 40% to 35%.

Sector Allocations

The budget allocates significant funds to various sectors, with a focus on infrastructure, defense, and social welfare:

Defense: ₹4,54,773 crore allocated, reflecting the importance of national security.

Agriculture and Allied Activities: ₹1,51,851 crore to support farmers and boost agricultural productivity.

Education: ₹1,25,638 crore to enhance the quality of education and infrastructure in educational institutions.

Healthcare: ₹89,287 crore aimed at improving healthcare services and facilities across the country.

Ministry of Road Transport and Highways: ₹2,65,808 crore to enhance the national transportation infrastructure.

Energy: Substantial funds allocated to promote renewable energy projects and ensure energy security.

Economic Projections

The budget outlines robust economic foundations and optimistic growth projections:

Real GDP Growth: Projected to grow at 8.2% in FY 2024.

Fiscal Deficit: Efforts to keep the fiscal deficit in check while ensuring adequate funds for development projects.

Current Account Deficit: Expected improvement due to strategic economic measures.

Employment and Skilling

Several initiatives have been introduced to boost employment and skill development:

Women's Workforce Participation: Establishment of working women hostels and creches in collaboration with the industry.

Incentives for First-Time Employees: One-month wage to new entrants in formal sectors up to ₹15,000.

Support for Employers: Reimbursement of EPFO contributions for new hires up to ₹3,000 per month for 2 years.

Agriculture and Natural Farming

The budget emphasizes the transformation of agriculture and promotion of natural farming:

Natural Farming Initiative: One crore farmers will be initiated into natural farming, supported by certification and branding over the next two years.

Shrimp Production and Export: Financing facilitated through NABARD to boost shrimp farming and export.

Infrastructure Development

Digital Public Infrastructure: Initiatives for the coverage of farmers and their lands, including digital crop surveys in 400 districts and issuance of Kisan Credit Cards.

The 2024 budget presents a balanced approach towards economic development, infrastructure growth, and social welfare, aimed at steering the country towards a prosperous and developed future.

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