Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25, emphasizing key areas such as income tax, infrastructure, agriculture, and the economy's overall growth. Here are the major highlights:
Income Tax Reforms
- Income Tax Slabs: There were significant changes to the income tax slabs aimed at providing relief to the middle class. The new slabs are structured to reduce the tax burden on individual taxpayers.
- Tax Exemptions: Increased exemptions and deductions for savings, investments, and expenditures to encourage financial discipline among citizens.
Infrastructure Development
- Roads and Highways: A substantial allocation for the development of national highways and rural roads to enhance connectivity and support economic growth.
- Urban Infrastructure: Investments in smart cities and urban development projects to improve the quality of urban living and stimulate local economies.
Agriculture and Rural Economy
- Agricultural Support: Enhanced support for farmers through increased subsidies, improved irrigation facilities, and better access to credit.
- Rural Development: Programs aimed at boosting rural employment and infrastructure, including housing and sanitation projects.
PLI Scheme Expansion
- Manufacturing Boost: The Production Linked Incentive (PLI) scheme has been expanded to cover more sectors, aiming to boost domestic manufacturing and reduce reliance on imports.
- Job Creation: The scheme is expected to generate employment opportunities in various manufacturing sectors.
Economic Growth and GDP
- GDP Growth Target: The budget sets an ambitious GDP growth target, focusing on sustainable and inclusive economic development.
- Fiscal Deficit: Measures to control the fiscal deficit while ensuring adequate public expenditure to support growth.
Social Welfare Programs
- Healthcare: Increased funding for healthcare infrastructure, aiming to improve access to medical facilities and services across the country.
- Education: Initiatives to enhance educational infrastructure, including digital learning tools and modern facilities in schools and colleges.
Digital Economy
- Digital Payments: Promotion of digital transactions through incentives and infrastructure development to support a cashless economy.
- Technology Initiatives: Investment in new technologies, including AI and machine learning, to drive innovation and efficiency in various sectors.
The budget aims to balance growth and fiscal prudence, with a strong focus on infrastructure, agriculture, and social welfare. These measures are expected to stimulate economic activity and ensure long-term sustainable growth for the country.
For detailed insights and a comprehensive analysis of the budget, you can read more here.
