Union Budget 2024: Key Highlights and Major Announcements

New Delhi, 23rd July 2024: Today, Finance Minister Nirmala Sitharaman presented the Union Budget for the seventh consecutive time. In her 1 hour and 23-minute speech, she announced nine special schemes focusing on youth, the poor, women, and farmers. She also declared financial aid of Rs 58.9 thousand crore for Bihar and Rs 15 thousand crore for Andhra Pradesh. Additionally, taxpayers opting for the new tax regime have been provided with minor relief.

Here are the 12 major highlights of the Union Budget 2024:

1. Focus on Farmers:
The budget allocates Rs 1.52 lakh crore for agriculture and related sectors. Information on six crore farmers will be included in the land registry. New Kisan Credit Cards will be issued in five states.

2. Support for Women and Girls:
A provision of Rs 3 lakh crore has been made for schemes benefiting women and girls. Hostels and childcare centers will be established for working women.

3. Youth Initiatives:
The budget allocates Rs 2 lakh crore for five schemes related to employment and skill training for youth.
Education Loans: Students not benefiting from other government schemes can avail education loans exceeding Rs 10 lakh with a 3% government subsidy.
Internships: The government will launch a scheme to provide internship opportunities in 500 top companies for one crore youth, with a monthly stipend of Rs 5,000 and a one-time assistance of Rs 6,000.

First Job Support: Youth with a salary below Rs 1 lakh will receive Rs 15,000 in three installments through EPFO.

Mudra Scheme: The loan amount under the Mudra scheme has been increased from Rs 10 lakh to Rs 20 lakh.

4. Service Sector Boost:
Private sectors will receive support through government schemes. The National Company Law Tribunal will allocate Rs 3.3 lakh crore, and additional tribunals will be established for dispute resolution and recovery.

5. Reduced Prices:
The budget has made items like cancer drugs, gold, silver, platinum, mobile phones, chargers, electric wires, X-ray machines, solar sets, leather, and seafood cheaper.

6. Relief for Salaried Employees:
The new tax regime offers tax-free income up to Rs 3.75 lakh and a benefit of Rs 17.5 thousand. Tax exemption on family pension has increased from Rs 15,000 to Rs 25,000.

7. Renewable Energy Promotion:
To combat climate change and achieve net-zero emissions, the government is promoting renewable energy. The Surya Ghar Free Electricity Scheme will provide 300 units of free electricity per month to one crore households.

8. Special Assistance for Bihar and Andhra Pradesh:
Bihar will receive Rs 58.9 thousand crore, and Andhra Pradesh will get Rs 15 thousand crore. Special schemes for infrastructure development will be launched in Bihar, Jharkhand, Odisha, Andhra Pradesh, and West Bengal.

9. Housing for the Needy:
Under the PM Awas Yojana, three crore new houses will be built for poor and middle-class families with an allocation of Rs 10 lakh crore. Regulations will be introduced to promote rental housing.

10. Defence Budget:
The defence budget is set at Rs 6,21,940 crore, slightly higher than the interim budget by Rs 400 crore (0.064%). It constitutes 12.9% of the total budget, compared to nearly 13% last year. Despite a 14,717-word speech, the Finance Minister mentioned defence twice but did not mention the Agniveer scheme.

11. Tourism Promotion:
Corridors will be built for Vishnupad Temple and Mahabodhi Temple in Bihar, and Nalanda University will be developed into a tourist center.

12. Education Sector Funding:
The budget allocates Rs 1.48 lakh crore for education, skill development, and employment promotion.

These comprehensive measures aim to address various sectors, promoting growth and development across the nation.