Budget Speech 2024 PDF

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The presentation of the seventh consecutive Union Budget for the fiscal year 2024-25 by Nirmala Sitharaman, the Finance Minister, marks a significant milestone in India’s economic landscape. This annual financial statement, unveiled on the 23rd of July during the Budget Session of Parliament, serves as a comprehensive blueprint detailing the government’s proposed expenditures and revenue allocations for the upcoming fiscal year, spanning from April 1, 2024, to March 31, 2025.

The Budget Session of Parliament, which commenced on July 22, witnessed Sitharaman’s unveiling of the 2024 Economic Survey document a day prior to the much-anticipated Union Budget presentation. With the Session expected to encompass 16 sittings spread over 22 days, the culmination of this pivotal legislative period is projected to occur on August 12, signifying an extensive and deliberative process aimed at scrutinizing and ratifying the government’s financial roadmap for the forthcoming fiscal year.

As the nation eagerly awaits the unveiling of the Union Budget, the deliberations and discussions within the hallowed halls of Parliament underscore the intricate interplay between fiscal policy, economic imperatives, and the overarching goal of sustainable development. The meticulous crafting of the budgetary allocations, guided by principles of equity, efficiency, and prudence, reflects the government’s steadfast commitment to steering the economy towards a trajectory of inclusive growth and prosperity.

The Union Budget serves as a linchpin in the government’s economic agenda, encapsulating a multifaceted strategy to address key challenges, capitalize on emerging opportunities, and propel India’s growth story to new heights. Through strategic allocations, targeted investments, and policy interventions, the budgetary framework endeavors to catalyze economic dynamism, foster innovation, and fortify the country’s resilience in the face of global uncertainties. The meticulous planning and foresight embedded within the budgetary provisions are emblematic of a holistic approach towards nation-building and socio-economic advancement.

Budget Speech

Employment and Skilling:

The government’s emphasis on employment and skilling initiatives underscores its commitment to nurturing a robust workforce and fostering inclusive growth. Through a strategic framework encompassing five schemes aimed at empowering 4.1 crore youth over a five-year period, with a substantial central outlay of ₹2 lakh crore, the administration is poised to catalyze a wave of opportunities and economic empowerment for the country’s burgeoning youth population.
In line with the government’s vision for skill development, the introduction of a comprehensive internship scheme targeting one crore youth in premier companies over the next five years heralds a new era of experiential learning and professional enrichment. By providing hands-on exposure and mentorship in corporate settings, this initiative not only augments the employability of the youth but also nurtures a talent pipeline geared towards meeting the evolving demands of the job market.
The incorporation of employment-linked incentives, such as one month’s wage support for first-time employees, serves as a pivotal mechanism to incentivize job creation, reduce entry barriers for novice workers, and stimulate economic activity. This strategic intervention not only bolsters the prospects of fresh entrants into the workforce but also fosters a conducive environment for sustainable employment generation and career progression.
The government’s unwavering focus on women-specific skilling programs and initiatives geared towards enhancing workforce participation among women underscores a progressive agenda aimed at fostering gender inclusivity and empowerment. By promoting skill development tailored to the needs and aspirations of women, coupled with measures to enhance their representation in the workforce, the government seeks to unleash the untapped potential of female talent, thereby driving socio-economic transformation and advancing gender equality on a broader scale.

MSME and Manufacturing Support:

The government’s dedicated focus on bolstering the MSMEs and manufacturing sector underscores its commitment to fortifying the backbone of the economy and fostering industrial growth. Through a multifaceted approach aimed at empowering small and medium enterprises, coupled with strategic interventions to invigorate the manufacturing landscape, the administration is poised to unleash a wave of innovation and productivity across these vital sectors.
In a bid to provide robust financial support to MSMEs, the implementation of a credit guarantee scheme and the facilitation of term loans for machinery procurement stand out as pivotal measures to enhance access to capital, stimulate investment, and catalyze business expansion within the sector. By mitigating financial risks and facilitating affordable credit options, these initiatives not only empower MSMEs to scale up their operations but also fuel entrepreneurial aspirations and drive economic resilience.
The introduction of a technology support package tailored specifically for MSMEs underscores the government’s proactive stance towards fostering technological adoption, innovation, and competitiveness within the sector. By equipping small businesses with the necessary tools, resources, and expertise to embrace digital transformation and technological advancements, this initiative not only enhances operational efficiency but also positions MSMEs on a trajectory towards sustainable growth and global competitiveness.
The strategic decision to expand the reach of SIDBI by inaugurating 24 new branches dedicated to serving MSME clusters signifies a concerted effort to enhance financial inclusion, promote localized support, and nurture entrepreneurship at the grassroots level. By establishing a robust network of branches in key MSME hubs, SIDBI aims to provide tailored financial solutions, advisory services, and capacity-building initiatives that cater to the unique needs and aspirations of MSMEs, thereby fostering a conducive ecosystem for enterprise development and sectoral revitalization.

Financial Initiatives:

The recent financial initiatives introduced by the government signal a proactive approach towards empowering individuals and businesses through enhanced access to credit and streamlined financial mechanisms. One significant move includes the doubling of the Mudra loan limit from ₹10 lakh to ₹20 lakh for previous borrowers, amplifying opportunities for entrepreneurship, business expansion, and economic empowerment. By increasing the financial runway available to aspiring entrepreneurs and small businesses, this measure not only catalyzes growth but also nurtures a culture of innovation and enterprise within the economy.
The provision of financial support for higher education loans up to ₹10 lakhs in domestic institutions underscores the government’s commitment to fostering a skilled workforce, promoting education accessibility, and nurturing talent development. By facilitating affordable and accessible financing options for pursuing higher education, this initiative not only alleviates financial barriers but also paves the way for individuals to realize their academic aspirations, enhance their skills, and contribute meaningfully to the workforce and society at large.
The implementation of an integrated technology system for the Insolvency and Bankruptcy Code (IBC) signifies a transformative step towards enhancing the efficiency, transparency, and efficacy of insolvency proceedings and debt resolution mechanisms. By leveraging technology to streamline processes, improve data management, and enhance stakeholder communication within the IBC framework, this initiative not only expedites resolution timelines but also instills confidence in the insolvency regime, fostering a conducive environment for business restructuring, debt recovery, and investor protection.

Agriculture and Rural Development:

The recent strides in agriculture and rural development underscore a holistic approach towards bolstering the rural economy, enhancing agricultural productivity, and fostering sustainable farming practices. With a substantial provision of ₹2.66 lakh crore allocated for rural development, the government demonstrates its unwavering commitment to uplifting rural communities, improving infrastructure, and fostering economic growth in rural areas. This financial injection not only aims to address critical developmental needs but also seeks to create a conducive environment for rural prosperity and sustainable livelihoods.
The transformative shift in agricultural research towards prioritizing productivity and climate-resilient crop varieties signifies a strategic move towards ensuring food security, adapting to changing climatic conditions, and enhancing agricultural sustainability. By harnessing innovative research methodologies, promoting advanced farming techniques, and cultivating resilient crop varieties, this initiative not only equips farmers with the tools to mitigate climate risks but also enhances agricultural output, quality, and resilience in the face of environmental challenges.
The ambitious initiative to introduce 1 crore farmers to natural farming practices over the span of 2 years represents a paradigm shift towards promoting organic farming, sustainable agriculture, and eco-friendly practices in the agricultural landscape. By encouraging the adoption of natural farming methods, minimizing chemical inputs, and promoting biodiversity conservation, this initiative not only fosters environmental stewardship but also enhances soil health, crop yield, and farmer well-being. Embracing natural farming not only ensures long-term agricultural sustainability but also contributes to building a resilient and environmentally conscious farming community for a greener and healthier future.

Infrastructure and Regional Development:

The recent initiatives in infrastructure and regional development reflect a strategic focus on enhancing living standards, fostering economic growth, and promoting regional progress. By introducing rental housing in Public-Private Partnership (PPP) mode specifically for industrial workers, the government aims to address housing needs, improve living conditions, and support the workforce in industrial sectors. This innovative approach not only provides affordable housing solutions but also contributes to enhancing worker welfare, productivity, and overall quality of life within industrial hubs.
The allocation of special financial support amounting to ₹15,000 crore for Andhra Pradesh underscores the government’s commitment to accelerating development, enhancing infrastructure, and fostering economic growth in the region. This targeted financial assistance not only facilitates the implementation of key projects but also paves the way for sustainable development, job creation, and socio-economic progress in Andhra Pradesh, catalyzing a positive impact on the local economy and community.
The strategic investments in new airports, medical facilities, and sports infrastructure for Bihar exemplify a comprehensive approach towards bolstering connectivity, healthcare services, and recreational facilities in the state. By expanding aviation infrastructure, improving healthcare accessibility, and promoting sports development, these initiatives not only enhance the quality of life for residents but also stimulate economic growth, tourism, and overall regional development in Bihar. Embracing a multi-faceted approach to infrastructure development, the government seeks to create a conducive environment for growth, prosperity, and well-being across diverse sectors in the region.

Economic Outlook:

The current economic landscape presents a promising outlook with inflation trending towards the targeted 4%, indicating stability and favorable economic conditions. India’s economic growth continues to shine as an exceptional beacon amidst global uncertainties, showcasing resilience and potential for sustained progress. The government’s strategic focus on job creation and stimulating consumption is poised to benefit key sectors such as consumer goods, real estate, and the automotive industry, fostering growth, investment, and economic dynamism in these domains.
The delineation of nine priority areas encompassing agriculture, employment, inclusive development, manufacturing and services, urban development, energy, infrastructure, innovation and research, and next-generation reforms underscores a comprehensive approach towards holistic economic development. By prioritizing these key sectors, the government aims to foster inclusive growth, enhance productivity, promote innovation, and drive transformative reforms that lay the foundation for a robust and sustainable economic future. Embracing a multi-dimensional strategy, these priority areas collectively contribute to building a resilient, dynamic, and forward-looking economy that caters to the diverse needs and aspirations of the nation.

Revised Income Tax Rate under New Tax Regime

The live updates from Budget 2024 reveal a revised tax structure under the New Tax Regime, aimed at simplifying tax calculations and promoting equitable taxation. The progressive tax rates now set forth are designed to ensure a fair distribution of tax burdens based on income levels. Individuals earning between ₹0-3 lakh fall under the nil tax bracket, providing relief for low-income earners and reducing the tax burden on this segment of the population. For those earning between ₹3-7 lakh, a modest tax rate of 5% applies, striking a balance between revenue generation and taxpayer affordability.
Up the income ladder, individuals in the ₹7-10 lakh income bracket face a 10% tax rate, while those earning between ₹10-12 lakh are subject to a 15% tax rate. This incremental approach to taxation ensures that individuals contribute proportionally based on their earnings while maintaining progressivity in the tax system. As income levels rise, the tax rates increase accordingly, with individuals earning ₹12-15 lakh facing a 20% tax rate and those earning above ₹15 lakh subject to a 30% tax rate. This structured tax regime aims to promote fiscal responsibility, enhance revenue collection, and foster economic equity by aligning tax liabilities with income levels in a transparent and systematic manner.

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