India Budget 2024-2025 key Facts : Union Budget For aam aadmi, kisan, taxpayers, MSME, Development .

Union Budeget 2024-2025 For Student, Aam aadmi, Kisan, Income tax payers , Tax slabs, MSME, Energy, Employment, Infrastructure, Tourism, Urban Development

A. Tax Relief To Citizens

Standard Deduction for salaried employees increased from ₹50,000 to 75,000

Deduction on family pension for pensioners increased from ₹15,000 to ₹25,000

New Tax Regime : ₹0- ₹3 lakh NIL ₹3- ₹7 lakh 5% ₹7- ₹10 lakh 10% ₹10- ₹12 lakh 15% ₹12- ₹15 lakh 20% >₹15 lakh 30%

B. Expenditure of Major Items

Defence : 4,54,773 Cr. Rural Development : 2,65,808 Cr. Agriculture and Allied Activities : 1,51,851 Cr. Home Affairs: 1,50,983 Cr. Education: 1,25,638 Cr. IT and Telecom: 1,16,342 Cr. Health: 89,287 Cr. Energy: 68,769 Cr. Social Welfare: 56,501 Cr. Commerce & Industry: 47,559 Cr.

c. Major Schemes

MNREGA: 60,000 cr. 2023-24(BE) – 86,000 cr. 2024-25(BE)

Research and Development Projects : 840 cr. – 2023-24(BE) – 1,200 cr. 2024-25(BE)

Nuclear Power Projects : 442 cr. 2023-24(BE) – 2,228 cr. 2024-25(BE)

PLI for Pharmaceutical Industry : 1,200 cr 2023-24(BE) – 2,143 cr. 2024-25(BE)

Development of Semiconductors and Display Manufacturing : 3,000 cr. 2023-24(BE) – 6,903 cr. 2024-25(BE)

Solar Power (Grid) : 4,970 cr. 2023-24(BE) – 10,000 cr. 2024-25(BE)

Direct Benefit Transfer- LPG : 180 cr. 2023-24(BE) – 1,500 cr. 2024-25(BE)

Lines of Credit under IDEA Scheme : 1,300 cr. 2023-24(BE) – 3,849 cr. 2024-25(BE)

D. Customs Duty

Changes in Custom Duty

Fully exempt 3 more cancer medicines from custom duties

Reduce BCD to 15% on Mobile phone, Mobile PCBA and charger

Reduce custom duty on gold and silver to 6% and platinum to 6.4%

Reduce BCD on shrimp and fish feed to 5%

Exempted more capital goods for manufacturing of solar cells & panels

Fully exempt custom duties on 25 critical minerals

1. Productivity and resilience in Agriculture

Natural Farming

Issuance of Jan Samarth based Kisan Credit Cards 1 crore farmers across the country will be initiated into natural farming, supported by certification and branding in next 2 years. 10,000 need-based bio-input resource centres to be established.

Shrimp Production & Export

Financing for Shrimp farming, processing and export will be facilitated through NABARD.

Digital Public Infrastructure (DPI)

DPI for coverage of farmers and their lands in 3 years. Digital crop survey in 400 districts.

2. Employment

PM’s Package (3 schemes for Employment Linked Incentive)

Scheme A

One-month wage to new entrants in all formal sectors in 3 instalments up to ₹15,000. Expected to benefit 210 lakh
yout.

Scheme B

Linked to first time employees Incentive to both employee & employer for EPFO contributions in the specified scales for the first 4
years Expected to benefit 30 lakh youth.

Scheme C

Government will reimburse EPFO contributions of employers up to ₹3000 per month for 2 years for all new hires. Expected to generate 50 lakh
jobs

Loans up to ₹7.5 lakh with aguarantee from a government promoted Fund.Expected to help 25,000 students
every year

Financial support for loans upto ₹10 lakh for higher education in domestic institutions. Direct E-vouchers to 1 lakh students every year. Annual interest subvention of 3%

Skilling Programme

20 lakh youth will be skilled over a 5-year period. 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation.Course content & design aligned as per skill needs of industry

3. Manufacturing & Services

Mudra Loans: The limit enhanced to ₹ 20 lakh from the current ₹ 10 lakh under the ‘Tarun’ category

Credit Guarantee Scheme for MSMEs in the Manufacturing Sector. New assessment model for MSME credit. Enhanced scope for mandatory onboarding inTReDS.

MSME Units for Food Irradiation, Quality & Safety Testing Credit Support to MSMEs during Stress Period.

Internship Opportunities Allowance of ₹5,000 per month along with a one-time assistance of ₹6,000 through the CSR funds. Scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years.

4. Urban Development

PM Awas Yojana Urban 2.0 Needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹10 lakh crore.

Stamp Duty: Encouraging states to lower stamp duties for properties purchased by women.
Street Markets: Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities.
Transit Oriented Development: Transit Oriented Development plans for 14 large cities with a population above 30 lak.
Water Management: Promote watersupply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.

5. Energy Security

Initiatives with private sector in Nuclear Energy. Setting up Bharat Small ReactorsR&D of Bharat Small Modular Reactor and newer technologies for nuclear energ.

AUSC Thermal Power Plants A joint venture between NTPC and BHEL will set up a full scale 800 MW commercial plant.

Pumped Storage Policy. For electricity storage and facilitation of smooth integration of the growing share of renewable energy.

Energy Audit For electricity storage and facilitation of smooth integration of the growing share of renewable energy

PM Surya Ghar Muft Bijli Yojana

1 crore Households obtain free electricity Up to 300 Units every month 1.28 crore Registrations and 14 lakh aplications so far

6. Tourism

Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor modelled on Kashi Vishwanath Temple Corridor

Comprehensive development initiative for Rajgir will be undertaken which holds religious significance for Hindus, Buddhists and Jains.

The development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.

Assistance to development of Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches making it an ultimate tourism destination.