Budget 2024 | Budget 2024 Highlights | Impact on Economy & Market Video | MySipOnline

6,386 20 June, 2024

Budget 2024 | Budget 2024 Highlights | Impact of Budget 2024 on Economy, Equity Market & Bond Market Budget 2024, presented as an Interim Budget, focuses on "Viksit Bharat" with a vision for a developed India by 2047. Key areas include direct tax proposals, GST, roadmap for development, and allocations for various ministries and schemes. Direct Tax Proposals: Same tax rates retained for FY 2024-25. No tax liability for income up to Rs.7 lakh under the new regime. Corporate tax rates for existing and new manufacturing companies announced. Goods and Services Tax (GST): Average monthly gross GST collection doubled to Rs.1.66 lakh crore in FY24. Customs rates, including import duties, retained for FY 2024-25. Roadmap for Viksit Bharat 2047: Four pillars: 'Garib', 'Mahilayen', 'Yuva', and 'Annadata'. Focus on infrastructure development, digital public infrastructure, GST, financial sector, and global capital. Garib Kalyan, Desh ka Kalyan: Direct Benefit Transfer (DBT) led to savings of Rs.2.7 lakh crore. 25 crore people moved out of multidimensional poverty. Credit assistance to 78 lakh street vendors under PM-SVANidhi. Empowering the Youth: 1.4 crore youth trained under Skill India Mission. 43 crore loans sanctioned under PM Mudra Yojana. Rs.1 lakh crore corpus for tech-savvy youth. Welfare of Farmers (Annadata): Financial assistance to 11.8 crore farmers under PM-KISAN. Crop Insurance provided to 4 crore farmers. Integration of 1,361 mandis under eNAM. Nari Shakti: 30 crore Mudra Yojana loans disbursed to women entrepreneurs. 28% increase in female enrollment in higher education in the past 10 years. Strategy Shift for Amrit Kaal as Kartavya Kaal: Sustainable development with a commitment to 'Net Zero' by 2070. Viability gap funding for offshore wind energy. Phased mandatory blending of CNG, PNG, and compressed biogas. Infrastructure and Investment: Implementation of three major railway corridor programs. Promotion of foreign investment through bilateral investment treaties. Comprehensive development of new airports under the UDAN scheme. Inclusive Development: Aspirational District Programme for faster development. Healthcare initiatives, including cervical cancer vaccination and Ayushman Bharat extension. Housing schemes and tourism development projects. Agriculture and Food Processing: Promotion of private and public investment in post-harvest activities. Expansion of Nano-DAP application and Atmanirbhar Oilseeds Abhiyan. Stepped-up implementation of Pradhan Mantri Matsya Sampada Yojana. Allocations for Various Ministries and Schemes: Allocations for Defence, Road Transport, Railways, Consumer Affairs, Home Affairs, Rural Development, and more. Expectations for Budget 2024: Possible relaxation in ESOP taxation for startups. Increase in the limit of home loan interest deduction. Inclusion of home loan interest under the new tax regime. Increase in the limit of 80D deduction for medical insurance. Inclusion of 80D in the new tax regime.

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