Budget 2024: New tax regime slabs changed, standard deductions hiked by Rs 25,000

The new tax rate revised as follows:

0-3L — 0%

3-7 L — 5%

7-10 L — 10 %

10 – 12 L — 15 %

12 – 15 L — 20%

over 15 L — 30%

Nuclear energy is expected to form a crucial part of the energy mix of Viksit Bharat, adding that it will partner with private firms to develop small and modular nuclear reactors and conduct research on newer technologies.

The R&D funding announced in the interim budget will be made available for this sector also, said Finance Minister.

Finance Minister said appropriate changes will be made to the Insolvency and Bankruptcy Code (IBC) and steps will be taken to strengthen tribunals in the country.

She also proposed integrated technology platform for improving outcomes under the Code, besides additional debt recovery tribunals to be set up in the country.

FM informed that the IBC has resolved more than 1,000 cases, which has resulted in realisation of Rs 3.3 lakh crore to creditors.

Defaults worth Rs 10.2 lakh crore have been settled at the stage of pre-admission of insolvency cases since the inception of IBC in 2016, and more than one-fifth of the companies undergoing resolution process are from the real estate space, the Economic Survey said on Monday.

Since FY18, the IBC has enabled over Rs 3 lakh crore recovery for banks, which was much more than what lenders recovered through previous mechanisms of Lok Adalats, DRTs, and the SARFAESI Act, it said.

Since the implementation of IBC in 2016, a total of 31,394 corporate debtors cases “involving a value of Rs 13.9 lakh crore” have been disposed of (including pre-admission case disposals) as of March 2024.

The government announced a series of measures for development of Andhra Pradesh, including arranging Rs 15,000 crore this fiscal and in future years for development of the capital city of the state.

Besides, the Centre allocated over Rs 3 lakh crore for schemes benefiting women and girls and stated that it is fully committed for completion and financing of Polavaram irrigation project.

The minister also announced backward region grant for three districts of the state.

The Telugu Desam Party (TDP) is a key ally of the BJP in the Centre.

A new centrally-sponsored scheme for skilling 20 lakh youth over the next five years.

Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.

As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model. Besides, the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.

New centrally-sponsored scheme for skilling in collaboration with states and industry will train 20 lakh youth over a period of five years.

The government will launch three employment-linked schemes.

The government will provide incentives to 30 lakh youth entering the job market by providing one month’s PF (provident fund) contribution.

Working women hostels will be set up in the country to promote women’s participation in the workforce.

Government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds.

An already existing scheme — MGNREGA (Mahatma Gandhi National Rural Employment Guarantee) — aims to provide 100 days of wage employment in a particular fiscal year to at least one member of every household whose adult members seek manual work.

The government will bring a National Cooperation Policy for the overall development of the country, while Jan Samarth-based Kisan Credit Card will be introduced in five states.

Besides, the government will strengthen production, storage and marketing of pulses, while fast-track growth of rural economy and creation of employment opportunities will be the policy goal, she said.

Also, the government will provide finance for shrimp farming and marketing.

The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country.

Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said it will focus on employment, skilling, MSMEs and the middle class.

She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country. As mentioned in interim budget, there is a need to focus on poor, women, youth and farmers, the minister said.

The Centre proposed an outlay of Rs 26,000 crore for various road projects in Bihar.

Will arrange financial assistance to Bihar through aid from multilateral development agencies.

The government will also set up airports, medical colleges and sports infrastructure in Bihar.

The Centre will also formulate plan ‘Purvodaya’ for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.

Sitharaman further said the government will support industrial corridor for development in the eastern region.

The finance minister also said the government will provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount.

Sitharaman announced nine priorities for generating ample opportunities in the economy.

The nine priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, innovation and reforms.

Presenting her seventh straight budget, Sitharaman said the government undertakes comprehensive review of research to develop climate-resilient seeds.

In the next two years, one crore farmers will be initiated in natural farming.

Large scale vegetable production clusters would be promoted to increase output, she stated.

The government will release new 109 high-yielding, climate-resilient seeds for 32 field and horticulture crops.

According to her, implementation of various schemes announced in the interim budget in February is still underway.

Finance Minister Nirmala Sitharaman announced Rs 2.66 lakh crore for rural development, including rural infrastructure.

She also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areas.

The President fed FM Sitharaman ‘dahi-cheeni’, a ritual performed by elders in Indian families to bestow good luck before undertaking important tasks.