Budget 2024 Highlights PDF Download with Key Pointers & Summary

Budget 2024- On February 1 (Wednesday), Finance Minister Nirmala Sitharaman presented the fifth budget, the Union Budget 2024. According to the Finance Minister, the Union Budget for the years 2024 aimed to improve the Indian economy as a whole from a global perspective. She also stated that the budget proposals for the 2024 fiscal year are based on the vision of a prosperous and inclusive India in which all citizens, particularly our youth, women, farmers, OBCs, and Scheduled Castes and Tribes, receive the benefits of development. “This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100,” stated Finance Minister Nirmala Sitharaman. We envision a prosperous and inclusive India in which all citizens, particularly our youth, women, farmers, OBCs, Scheduled Castes, and Scheduled Tribes, receive the benefits of development.

Budget 2024

While introducing the Spending plan 2024, the Money Pastor likewise expressed ” In these nine years, the Indian economy has expanded in size from being tenth to fifth biggest on the planet. We have fundamentally advanced our situation as a very much represented and creative country with a favorable climate for business as reflected in a few worldwide lists. We have gained critical headway in numerous Reasonable Improvement Objectives.” The monetary plan for accomplishing this vision centers around three things: first, working with sufficient chances for residents, particularly the young, to satisfy their goals; second, giving areas of strength for a to development and occupation creation; and third, reinforcing macroeconomic soundness.

Budget 2024 Details

India Budget 2024

• The total amount spent in RE 2024 has been estimated to be 41,87,232 crore, which is 3,93,431 crore more than what actually happened in FY 2024. The estimated total amount spent on capital in RE 2024 is 7,28,274 crore.
• The total amount spent in BE 2024 is estimated to be 45,03,097 crore, with 10,00,961 crore going toward capital expenditures. By investing in infrastructure development, the Union Government’s continued strong commitment to boosting economic growth is reflected in Budget 2024, which results in a 37.4% increase in capital expenditure over RE 2024. When compared to RE 2024, the effective capital expenditure in BE 2024 is 13,70,949 crore, representing a 30.1 percent increase.
• Total resources being transferred to the states, including grants, loans, and releases from Centrally Sponsored Schemes, among other things. 17,97,537 crore in BE 2024, an increase of 1,43,056 crore over FY 2024 Actuals.

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Priorities of Budget 2024:

The Budget 2024 adopts the following seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.

• Inclusive Development
• Reaching the Last Mile
• Infrastructure and Investment
• Unleashing the Potential
• Green Growth
• Youth Power
• Financial Sector

Budget 2024 Highlights: Top 10 Key Summary

The new personal income tax structure underwent significant changes in a single year in the Union Budget for the years 2024 and 2024. Currently, individuals earning up to Rs. In both the old and new tax systems, 5 lakhs do not pay any income tax. The maximum rebate has been raised to Rs. 7 lakhs under the current tax system. As a result, individuals in the new tax system who earn less than $75,000 will not be required to pay any taxes.

The second proposal, which was presented in 2020, focuses on people living in the middle class. based on the new personal income tax system, which has six income levels that start at Rs. 2.5 lakhs. The change in this regime’s tax structure, which reduced the number of tax brackets to five and raised the maximum tax exemption to Rs. 3 lakhs. It is the new tax rates.

Budget 2024 Highlights

• The Indian economy has increased in size from being 10th to 5th largest in the world over the course of the past nine years. EPFO membership has more than doubled to 27 crores. The per capita income has more than doubled to 1.97 lakhs.
• In 2024, UPI enabled 7,400 crore digital payments totaling 126 lakh crore rupees.
• 7 million toilets built in homes as part of the Swachh Bharat Mission.
• Under Ujjwala, six million LPG connections were made available.
• 220 million people out of 102 million were vaccinated.
• Eight million PM Jan Dhan bank accounts
• Under the PM Jeevan Jyoti Yojana and PM Suraksha Bima, insurance for 44.6 crore people is provided.
• Under PM Kisan Samman Nidhi, over 11.4 crore farmers received 2.2 lakh crore in cash.
• The inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power, and the financial sector are the seven priorities of the budget “Saptarishi.”

Let’s take a look at the highlights of the Union Budget for 2024 and how it affects various industries. The most important changes that FM Sitharaman has made are listed here. You can also get the highlights of Budget 2024 as a PDF here.

Ministry Wise Budget 2024 Key Highlights are as follows:

Road Transport Budget:

• The government intends to produce 5 MMT of green hydrogen by 2030. With an investment of Rs 19,700 crore, National Green Hydrogen was recently launched. The Ministry of Petroleum and Natural Gas has received Rs 35,000 crore to achieve net zero and transition to a sustainable energy system.
• The ports, coal, steel, fertilizer, and food grains industries all require last-mile and first-mile connectivity, and 100 critical transport infrastructure projects have been identified. With an investment of Rs
• 75,000 crore, including Rs 15,000 crore from private sources, they will be prioritized.
• The FAME II program has received Rs 5,172 crore.
• The Ministry of Road Transport and Highways (MoRTH) has received Rs 2.70 lakh crore.

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Railways Budget:

• significant push for the railways using Rs. 2.4 lakh crore in capital expenditure Railways propose to manufacture 35 hydrogen-powered trains,
• 4,500 newly designed automobile carrier coaches with side entry, 5,000 LHB coaches, 58,000 wagons.
• They also propose to refurbish more than 1,000 coaches of premier trains.

Agriculture Budget:

• Agriculture’s Digital Public Infrastructure: Agriculture’s digital public infrastructure will be built as an open source, interoperable public good. Through relevant information services for crop planning and health, improved access to farm inputs, credit, and insurance, assistance with crop estimation, market intelligence, and support for the expansion of the agri-tech industry and start-ups, this will make inclusive, farmer-centric solutions possible.
• Fund for Accelerating Agriculture: To encourage young entrepreneurs in rural areas to start agricultural start-ups, an Agriculture Accelerator Fund will be established. The Fund’s mission will be to provide farmers with cost-effective, innovative solutions to their problems. In addition, cutting-edge technologies will be introduced to transform agricultural practices and boost profitability and productivity.
• Increasing cotton crop productivity: Through Public Private Partnerships (PPP), we will employ a cluster-based and value chain strategy to boost the productivity of extra-long staple cotton. For input supplies, extension services, and market connections, farmers, the state, and industry will need to work together.
• Atmanirbhar Horticulture’s Program for Clean Plants: At a cost of 2,200 crores, we will launch the Atmanirbhar Clean Plant Program to increase the supply of disease-free, high-quality planting material for high-value horticultural crops.
• The “Shree Anna” Millets Global Hub: The Indian Institute of Millet Research, Hyderabad, will now be supported as the Centre of Excellence for international sharing of best practices, research, and technologies in order to make India a global hub for “Shree Anna.”
• Credit for Agriculture: The agriculture credit target will be raised to $20 billion, with animal husbandry, dairy, and fisheries as the primary focus.

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MSME Budget:

• In order to assist MSMEs in receiving payments on time, a deduction for expenses incurred on payments to MSMEs should only be allowed when the payment is actually made.
• A revised credit guarantee program for MSMEs will go into effect on 2024, with an injection of Rs 9,000 crore into the corpus. In addition to lowering the cost of credit by about 1%, this plan would make additional collateral-free guaranteed credit in the amount of Rs 2 lakh crore possible.

Skill Development Budget:

• Launched with the goal of saturating essential government services in a variety of areas, including health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure, the Aspirational Blocks Programe covers 500 blocks.

Education Budget:

The government will launch the Pradhan Mantri Kaushal Vikas Yojana 4.0 100 labs will be set up in engineering institutions to develop apps using 5G services Teacher training will be envisioned through innovative pedagogy, continuous professional development, curriculum transaction, and ICT implementation. Up to 38,000 teachers and support staff will be hired for 740 Eklavya Model Residential Schools, which serve 3.5 lakh tribal students. National Child Trust, Children’s Book Trust, and other sources will be encouraged to provide and replenish these libraries with non-curricular titles in regional languages and English; district institutes of education and training will be transformed into vibrant institutes of excellence for this purpose. PM VIKAS (Pradhan Mantri Vishwakarma Kaushal Samman), which was announced in Budget 2024, will include skilled individuals who are engaged in various traditional and skilled professions. Collaboration with NGOs working in literacy is also planned.
A National Digital Library for children and adolescents will be established to facilitate the availability of quality books across geographies, languages, genres, and levels, as well as device-agnostic accessibility. Thirty Skill India International Centres will be established across various States to prepare youth for international opportunities. A Direct Benefit Transfer under a pan-Indian apprenticeship scheme will be implemented to support 47 lakh youth in three years.

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Health Budget:

• In the Union budget for FY24, the health and family welfare ministry received Rs 89,155 crore. For the upcoming fiscal year, the department of health and family welfare received Rs 86,175 crore, and the department of health research received Rs 2,980 crore.
• In the continuous financial, the spending plan spent on the branch of wellbeing and family government assistance is Rs 76, 370 while Rs 2,775 crore had been set apart for the division of wellbeing research.

Banking Budget:

• The National Financial Information Registry will be established to act as the central repository for financial and ancillary information with the goals of promoting financial inclusion, facilitating the efficient flow of credit, and fostering financial stability. This credit public infrastructure will be governed by a new legislative framework that will be developed in collaboration with the RBI.
• In collaboration with public and regulated entities, financial sector regulators should conduct a comprehensive review of existing regulations. Time cutoff points to conclude the applications under different guidelines would likewise be set down.
• The following steps will be taken to improve business operations at GIFT IFSC.
• transferring authority to IFSCA under the SEZ Act to avoid dual regulation.
• establishing a single IT portal for IFSCA, SEZ authorities, GSTN, RBI, SEBI, and IRDAI registration and approval.
• allowing a foreign bank’s IFSC Banking Units to finance an acquisition.
• establishing a trade refinancing subsidiary of EXIM Bank.
• Recognizing offshore derivative instruments as valid contracts and avoiding dual regulation under the SEZ Act by amending the IFSCA Act to include statutory provisions for arbitration and ancillary services
  To enhance investor protection and enhance bank governance, proposed amendments to the Reserve of India Act, Banking Companies Act, and Banking Regulation Act.
• The establishment of Data Embassies in GIFT IFSC would be made easier for nations seeking digital continuity solutions.
• granting SEBI authority to recognize the award of degrees, diplomas, and certificates as well as to develop, regulate, maintain, and enforce standards for education in the National Institute of Securities Markets

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Urban Planning Budget:

• The National Housing Bank will manage the priority Sector Lending shortfall that will be used to establish the Urban Infrastructure Development Fund (UIDF), which will be utilized by public agencies to construct urban infrastructure in Tier 2 and Tier 3 cities.
• urging states and cities to implement reforms and actions in urban planning to turn our cities into the “sustainable cities of tomorrow.”

Fiscal Management Budget:

The key highlights of the Budget 2024 Direct Taxes (Part B) are as follows:

• The proposals for Direct Tax aim to preserve the continuity and stability of taxation, further simplify and rationalize various provisions to ease compliance, encourage entrepreneurship, and provide citizens with tax relief.
• the ongoing effort made by the Income Tax Department to streamline and simplify compliance in order to enhance Taxpayer Services.
• A proposal to release a next-generation Common IT Return Form for taxpayer convenience and plans to strengthen the grievance redressal mechanism are two additional ways to enhance taxpayer services.
• The Personal Income Tax rebate limit will be raised to Rs. 7 lakhs as opposed to the current Rs. five lakhs under the new tax system. As a result, individuals in the new tax system with incomes up to Rs. There is no tax on 7 lakhs.
• The tax structure of the new personal income tax regime, which will be implemented in 2020 and consist of six income slabs, will change by reducing the number of income slabs to five and raising the amount of tax exemption to Rs. 3 lakhs. Change that will significantly assist all taxpayers under the new regime.
• Proposal to extend the standard deduction benefit to Rs. 50,000 for salaried individuals, as well as a deduction of up to Rs. 15,000 under the current tax system.
• In the new tax system, the highest surcharge rate will be reduced from 37% to 25%. The maximum personal income tax rate will be lowered to 39% as a result of this.
• The maximum amount of tax exemption for non-government salaried employees who take leave to retire will be Rs. 25 lakhs.

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The key highlights of the Budget 2024 Indirect Taxes are as follows:

• The following are the main highlights of the Sector-Specific Budget for 2024:
• Other than for agriculture and textiles, there are now only 13 basic customs duty rates on goods.
• Toys, automobiles, naphtha, and other basic customs duties, cases, and surcharges have undergone minor adjustments.
• Compressed biogas purchased with GST and included in blended compressed natural gas is exempt from excise duty.
• When imported by notified testing agencies for the purpose of testing and/or certification, for the purpose of testing and/or certification, subject to conditions, specified automobile parts/components, sub-systems, and tyres are exempt from customs duty. This applies to the manufacture of the lithium-ion cell for use in batteries of electric vehicles (EVs).
• Concessional duty on lithium-ion cells for batteries was extended for another year, and customs duty on the camera lens and its inputs/parts for use in the manufacture of the camera module of mobile phones was reduced to zero.

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