Union Budget 2024: Key Highlights

  • Improving taxpayer services
    To enhance taxpayer services, FM plans to address long-standing direct tax issues. She proposes the withdrawal of outstanding demands up to Rs. 25,000 for years up to 2009-10 and Rs. 10,000 for 2010-2015, benefiting 1 crore taxpayers

  • Tax proposals
    No changes relating to taxation & propose to retain the same tax rates for direct & indirect taxes, including import duties- says Nirmala Sitharaman.
    Certain tax exemptions for startups & IFSC units are expiring on March 31, 2024, Proposed to extend till March 31, 2025

  • Under the new tax scheme
    No liability for those earning upto Rs. 7 lakh a year.
    Taxation for retail businesses was increased from Rs. 2 crore to Rs. 3 crore.
    Corp. tax rate was decreased from 30% to 22% for existing comps. & 15% for certain new manufacturing industries.

  • Amrit Kaal as Kartavya Kaal… Every challenge of the pre-2014 era was overcome through our economic management. & governance. This has placed the country on a sustained path of high growth. Budget in July, our Govt. will present a detailed roadmap for our pursuit of Viksit Bharat- FM

  • FDI- “First Develop India”: FDI inflow from 2014-23 was 596 billion USD marking a golden era, Ms. Sitharaman says. We are negotiating bilateral treaties with the spirit of ‘First, Develop India’, says Nirmala Sitharaman.

  • Reform in States for Viksit Bharat: Rs. 75,000 crore is being proposed as a 50-year interest-free loan for milestone-linked reforms by States, says Finance Minister Nirmala Sitharaman.

  • Domestic tourism: The success of G20 events organized across 60 cities has helped. Tourism, including spiritual tourism, are booming & States will be encouraged to develop tourism centers & market them globally – Finance Minister.

  • Green Energy: Finance Minister Nirmala Sitharaman has revealed plans to establish a viability gap funding mechanism to tap into the potential of shore-wind energy. Furthermore, by 2030, initiatives will be undertaken to establish coal gasification and liquefaction capacity, reaching a target of 100 metric tons.

  • Our government will expand and strengthen the e-vehicle sector through greater manufacturing and charging infrastructure. A new scheme for bio-manufacturing will be launched to encourage bioplastics & bio-agri inputs that are biodegradable, says Sitharaman.

  • Three significant railway corridor initiatives are set to be executed, namely:
    1. Corridor for Energy, Mineral, and Cement Transportation.
    2. Corridor for Port Connectivity.
    3. Corridor for High-Traffic Density Routes.
       A total of 40,000 regular rail bogeys are slated to undergo conversion to adhere to Vande Bharat standards, as announced by Finance Minister Nirmala Sitharaman.

  • “The momentum for Naari Shakti has surged over the past decade. Women’s empowerment through entrepreneurship, improved living conditions, and the guarantee of dignity have seen significant progress. Initiatives such as making Triple Talaq illegal and enabling women to be joint or sole owners of homes under PM Awaas Yojna have played a crucial role in empowering women, as emphasized by the Finance Minister.”

  • “The government prioritizes a holistic GDP approach – Governance, Development, and Performance. With a 50% increase in average real income and moderate inflation, people are empowered to pursue their aspirations, as highlighted by Finance Minister Nirmala Sitharaman.”

  • “Empowering the youth through transformative reforms, the NEP 2020 has made significant strides. Nirmala Sitharaman highlights the Skill India Mission’s achievement of training 1.4 crore youth, upskilling and reskilling 54 lakh, and establishing 3,000 new ITIs.”

  • “11.8 crore farmers receive direct assistance, emphasizing farmers as our Annadata, announces Nirmala Sitharaman during the Budget Speech.”

  • PM Vishwakarma Yojana provides end-to-end support to artisans, while schemes to empower the Divyang and transgender persons prove that this government believes in leaving no one behind, says Finance Minister Nirmala Sitharaman.

  • Finance Minister Nirmala Sitharaman Highlights Decade of Empowering 25 Crore People, Breaking Multi-Dimensional Poverty Through Sabka Saath”:
    In the pursuit of “Garib Kalyan, Desh ka Kalyan,” we are dedicated to empowering the poor. Moving away from the previous strategy of entitlement, the government, under the ethos of Sabka Saath, has successfully helped 25 crore individuals escape multi-dimensional poverty in the last decade, affirms Finance Minister Nirmala Sitharaman.

  • Over the past decade, the government’s Inclusive Development & Growth initiatives have reached every individual, focusing on schemes such as free ration, universal bank account access, and providing drinking water to all in record time. These efforts have significantly boosted real income in rural areas, says Finance Minister Nirmala Sitharaman.

  • Finance Minister Nirmala Sitharaman addresses the core principles of Sabka Saath, Sabka Vikaas, and Atmanirbhar Bharat, expressing confidence that the government’s remarkable achievements will earn it a strong mandate.

  • Union Finance Minister Nirmala Sitharaman presents her 6th budget speech
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