Top 100 Highlights of Budget 2024 by Nirmala Sitharaman
1. Standard Deduction Increased from 50,000 to 75,000.
2. Deduction of Family pension 15K to 25K.
3. The New Slabs in the New Regime in #Budget2024 are as follows:
– From 0-3 Lakh – Nil
– 3-7 Lakh – 5%
– 7-10 Lakh – 10%
– 10-12 Lakh – 15%
– 12-15 Lakh – 20%
– If it’s more than 15 Lakh – 30%
4. Angel Tax Abolished for All Categories of Investors.
5. STT on F&O increased to 0.2%.
6. FM keeps capex at Rs 11.11 lakh crore or 3.4% of GDP.
7. Capital Expenditure in the Budget:
– 2019 – ₹3.1 Lakh Crore
– 2021 – ₹4.4 Lakh Crore
– 2022 – ₹5.5 Lakh Crore
– 2023 – ₹7.5 Lakh Crore
– 2024 – ₹10 Lakh Crore
– 2025 – ₹11.1 Lakh Crore
8. Fiscal deficit lowered to 4.9% of GDP, market borrowing unchanged at Rs 14.13 lakh crore.
9. Fiscal deficit for FY25 further scaled down to 4.9 from 5.1% in interim Budget.
10. Aim to reach a fiscal deficit of below 4.5% by FY26.
11. BCD on mobile phones, chargers reduced to 15%.
12. Highest Capex Spending proposed to support the economy and job creation.
13. Govt allocates over Rs 3 lakh crore for schemes benefiting women, girls.
14. Limit of Mudra loans to extend to Rs 20 lakh from Rs 10 lakh for those who have availed and paid previous loans.
15. New mechanism announced for facilitating continuation of bank credit to #MSMEs during their stress period.
16. The Budget focus on employment, skilling, MSMEs and Middle class.
17. The Detailed roadmap to pursue nine priorities for generating opportunities for India:
– Agri
– Employment
– Inclusive development
– Mfg and Services
– Urban Devp
– Energy
– Infra
– Innovation
– R&D
– NexGen reforms.
18. In this year’s budget, there is a particular focus on employment, skilling, MSMEs, and the middle class. The Prime Minister’s announcement of a package of 5 schemes and initiatives underscores the commitment to facilitating employment and skilling opportunities for 4.1 crore youth over the next 5 years, with a central outlay of ₹ 2 lakh crore.
19. A substantial amount of ₹ 2 Lakh crore has been earmarked for youth and skill development over the next 5 years. This significant investment is aimed at nurturing the potential of millions of young individuals across the nation.
20. With a focus on modernizing agriculture, the digital coverage of farm land and farmers is a pivotal step towards ensuring fair compensation for their efforts. This initiative underscores the government’s commitment to leveraging technology for the benefit of farmers.
21. The extension of the PM Garib Kalyan Ann Yojna for 5 years is set to provide substantial benefits to 80 crore people, demonstrating the government’s dedication to uplifting the underprivileged sections of society.
22. The government’s plan to provide incentives to 30 lakh young individuals entering the job market, along with the launch of three employment-linked schemes, reflects a proactive approach to tackling unemployment and fostering economic growth.
23. The proposal to establish working women hostels underscores the government’s commitment to promoting women’s participation in the workforce and ensuring a conducive environment for their professional growth.
24. The PM Vishwakarma Scheme introduced by the Hon’ble Finance Minister aims to provide comprehensive support to artisans and craftspeople, empowering them to leverage their skills and tools effectively.
25. The substantial allocation of Rs. 1.48 lakh crore for education, employment, and skilling, along with the introduction of 5 schemes benefiting 4.1 crore youth, with an outlay of Rs. 2 lakh crore over a period of 5 years, reaffirms the government’s dedication to human capital development.
26. The formulation of ‘Purvodaya’ plan for the holistic development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh underscores the commitment to balanced regional development and inclusive growth.
27. A strategic measure to provide e-vouchers directly to 1 lakh students annually, with an interest subvention of 3 percent of the loan amount, is aimed at enabling access to education and skill development opportunities.
28. The proposed upgrade of 1,000 ITIs in a hub and spoke model demonstrates the commitment to modernizing skill development infrastructure and enhancing the quality of vocational education.
29. The skilling loan scheme is undergoing a revision to extend support for skill development by facilitating loans of up to Rs 7.5 lakh. This initiative aims to empower individuals to pursue advanced training and acquire specialized skills in their chosen fields.
30. A new centrally-sponsored scheme for skilling, developed in collaboration with states and industry, sets the ambitious target of skilling 20 lakh youth over the next 5 years. This collaborative effort seeks to address the evolving demands of the job market and equip the younger generation with the necessary skills to succeed in their careers.
31. In a significant move to boost agriculture and allied sectors, the government is set to introduce 109 new high-yielding, climate-resilient seeds for 32 field and horticulture crops. This multi-pronged approach, backed by an allocation of ₹1.52 lakh crore, underscores the commitment to sustainable agricultural practices and ensuring food security.
32. The establishment of working women hostels by the government is a strategic initiative aimed at fostering and promoting women’s participation in the workforce. This initiative reflects the government’s commitment to creating a supportive and empowering environment for women to pursue their professional aspirations.
33. In a bid to encourage innovation and development in agriculture, the government has pledged to provide funds to the private sector, domain experts, and other stakeholders for the creation of climate-resilient seeds. This proactive step aims to enhance agricultural productivity and resilience in the face of changing climatic conditions.
34. As part of the comprehensive employment and skilling strategies, three schemes have been introduced to provide employment-linked incentives based on EPFO enrollment. These schemes aim to incentivize the entry of first-timers into the workforce, create additional employment opportunities in the manufacturing sector, and catalyze economic growth.
35. The planned establishment of 100 branches of India Post Payments Bank in the North East region is poised to enhance financial inclusion and stimulate economic development in the area. This strategic move underscores the government’s commitment to fostering economic progress in the region.
36. A substantial provision of 2.66 lakh crore rupees has been allocated for rural development, reflecting the government’s dedication to uplifting rural communities and driving inclusive growth. This significant investment seeks to address and mitigate the challenges faced by rural areas, thereby fostering holistic development.
37. The proposed revision of the Model Skill Loan Scheme aims to extend support to 25,000 students annually, enabling them to pursue skill development and advanced training. This initiative underscores the government’s commitment to equipping the youth with the necessary skills for career advancement.
38. E-vouchers for loans up to Rs. 10 lakh for higher education in domestic institutions are set to be directly provided to 1 lakh students annually, with an annual interest subvention of 3% of the loan amount. This initiative seeks to ensure access to quality education and skill development opportunities for students aspiring for higher learning.
39. The development of an industrial node at Gaya on the Amritsar-Kolkata Industrial Corridor is set to usher in a new era of industrial growth and economic prosperity in the eastern region. This strategic initiative aims to catalyze industrial development, foster innovation, and create employment opportunities, thereby contributing to the overall economic advancement of the region.
40. As part of the government’s comprehensive strategy to bolster financial inclusion and promote economic development in the North East region, plans are underway to establish more than 100 branches of India Post Payment Bank. This strategic move underscores the government’s commitment to enhancing banking accessibility and facilitating economic progress in the region.
41. A significant allocation of Rs. 2.66 lakh crore has been earmarked for rural development in the budget, reflecting the government’s unwavering dedication to fostering holistic progress and inclusive growth in rural areas. This substantial investment seeks to address key developmental challenges and uplift rural communities, thereby ensuring balanced and sustainable development.
42. The voluntary closure of Limited Liability Partnerships (LLPs) is expected to provide much-needed relief to businesses, saving them from incurring late fees and fines. This strategic measure underscores the government’s commitment to creating a conducive business environment and supporting the ease of doing business for enterprises.
43. A comprehensive plan, ‘Poorvodaya,’ is being formulated to drive all-round development in the Eastern region of the country, encompassing the states of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. This transformative initiative seeks to address regional disparities, foster economic growth, and create opportunities for sustainable development.
44. To support and bolster the MSME sector, the threshold for mandatory onboarding to Trade Receivables Discounting System (TReDS) for MSME buyers has been reduced from Rs. 500 crore to Rs. 250 crore. This move aims to enhance the financial infrastructure and streamline the financing process for MSMEs, thus driving their growth and sustainability.
45. The Insolvency and Bankruptcy Code (IBC) has proven to be instrumental in the dissolution of over 1000 companies, resulting in the direct recovery of Rs. 3.3 lakh crore. This underscores the efficacy of the IBC framework in resolving insolvencies and maximizing value for all stakeholders involved.
46. Considering the evolving needs of our economic landscape, appropriate changes to the Insolvency and Bankruptcy Code (IBC) are set to be initiated, alongside the establishment of additional tribunals. These proactive measures seek to enhance the efficiency and effectiveness of the insolvency resolution framework, thereby fostering a robust business environment.
47. In a progressive move to address the housing needs of industrial workers, rental housing with dorm-like accommodations is set to be facilitated through Public-Private Partnership (PPP) initiatives. This strategic endeavor aims to provide quality living facilities for industrial workers while supporting their well-being and fostering a conducive work environment.
48. In a collaborative effort, rental housing with dorm-like accommodations for industrial workers will be facilitated through a Public-Private Partnership (PPP) mode. This strategic initiative aims to provide quality living spaces for industrial workers, fostering a conducive environment for their well-being and productivity.
49. To support the financing needs of MSMEs, a credit guarantee scheme will be introduced, operating to mitigate credit risks for such enterprises. A self-financing guarantee fund will provide coverage of up to Rs 100 crore to each applicant, catering to larger loan amounts, thus fostering the growth of the MSME sector.
50. Our government has been proactive in fulfilling the commitments outlined in the Andhra Pradesh Reorganisation Act, recognizing the state’s need for capital infusion. Special financial support will be facilitated through multilateral agencies, with an arrangement of Rs 15,000 crore in the current financial year, along with additional support in the subsequent years.
51. Leading the way in bolstering support for MSMEs, Sidbi is set to open 24 new branches, strategically positioned to cater to MSME clusters. This initiative aims to streamline access to financial services, facilitate enterprise development, and promote entrepreneurship in the MSME sector.
52. The launch of the Pradhan Mantri Janjatiya Unnat Gram Abhiyan marks a significant stride in improving the socio-economic conditions of tribal communities. With a focus on saturation coverage for tribal families in tribal-majority villages and aspirational districts, this far-reaching scheme is set to benefit 5 crore tribal people across 63,000 villages.
53. In a noteworthy development, the Female Labour Force Participation Rate (LFPR) has witnessed a rise to 37% in 2022-2023 from 23.3% in 2017-2018, reflecting a positive trend in women’s engagement in the workforce.
54. Women account for a significant 55.6% of the beneficiaries of the PM Jan Dhan Yojana accounts, underscoring the substantial impact of financial inclusion initiatives in empowering women and promoting inclusive economic development.
55. The creation of 8.3 million Self-Help Groups (SHGs) has provided coverage to 89 million women under the Deendayal Antyodaya Yojana-NRLM, signifying a significant step in advancing women’s economic empowerment and livelihood opportunities.
56. Under PM Mudra Yojana, 68% loans sanctioned to women and 77.7% women beneficiaries under Stand Up India.
57. Nuclear energy to be an important part of energy requirements.
58. 1 crore farmers across the country will be initiated into natural farming supported by certification and branding.
59. 10,000 need-based bio-input resource centers will be established.
60. Integrated technology platform to be set up for improving the outcomes under Insolvency & Bankruptcy Code.
61. To achieve Aatmanirbharta in pulses & oil seeds, their production, storage, and marketing.
62. Debt recovery tribunals to be strengthened & additional tribunals to be established to speed up recovery.
63. 14 large cities with a population above 30 lakh will have Transit Oriented Development plans.
64. 1 cr urban poor and middle-class families to be covered under PM Awas Yojana Urban 2.0.
65. 100 weekly ‘haats’ or street food hubs in select cities.
66. Investment-ready “plug and play” industrial parks to be developed in or near 100 cities.
67. 12 industrial parks sanctioned under National Industrial Corridor Development Programme.
68. More than 1.28 crore registrations and 14 lakh applications received under PM Surya Ghar Muft Bijli Yojana.
69. Pumped Storage Policy to be brought out for electricity storage and smooth integration of renewable energy in the overall energy mix.
70. Joint venture between NTPC Limited and BHEL India to set up a full-scale 800 MW commercial thermal plant using AUSC technology.
71. Policy to support pump storage projects will be brought to provide round-the-clock energy, says finance minister.
72. Finance minister Sitharaman announced scheme for rooftop solar panels that would enable 1 crore households to have electricity free of cost upto 300 units per month.
73. A substantial sum of Rs. 2.66 lakh crore has been earmarked for the development of rural areas, which includes the enhancement of rural infrastructure.
74. PM Awas Yojana-Urban 2.0 that would fulfill housing requirements of 1 crore poor and middle-class families.
75. Power projects, including setting up a new 2400 MW power plant at Pirpainti in Bihar, will be taken up at a cost of Rs 21,400 crore.
76. All lands in rural areas to be assigned Unique Land Parcel Identification Number.
77. Land registry to be established in rural areas.
78. The government is committed to the all-around, all-pervasive, and all-inclusive development of people, particularly farmers, women, youth, and the poor.
79. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programs including those for education and health will empower them by improving their capabilities.
80. Anusandhan National Research Fund to be set up for basic research and prototype development.
81. Financing pool of ₹ 1 lakh crore to spur private sector-driven research and innovation at commercial scale.
82. The government has proposed to set up a venture capital fund of ₹1000 crore for the space economy.
83. Financial Assistance for Veteran Artists’ to provide financial assistance to veteran artists aged 60 years and above having annual income not exceeding Rs. 72,000/-.
84. Internships for students of various technical disciplines within MSMEs.
85. Government will strive to further simplify, rationalise GST tax structure.
86. Technology Centres impart short-term industrial training/internship as part of the AICTE course curriculum to the youth. The National Institute for Micro, Small and Medium Enterprises (Ni-MSME) under the Ministry is providing internships for students of several educational institutions like IIIT Design Management, Andhra Pradesh, Institute of Public Enterprises, Hyderabad, Hissar Agricultural University Haryana, Rajeev Gandhi National Institute for Youth Development, Tamil Nadu etc.
87. Rules for FDI and overseas investment will be simplified, including nudging privatisation, using Indian rupee for overseas investment.
88. Government will develop taxonomy for climate finance.
89. Government will revamp Shram Suvidha Portal to enhance compliance for industry and trade.
90. To achieve comprehensive social justice, a saturation approach will be implemented to cover all eligible individuals through various programs, including those for education and health, thereby empowering them by enhancing their capabilities.
91. An Anusandhan National Research Fund will be established to support basic research and prototype development.
92. A financing pool of ₹1 lakh crore will be created to stimulate private sector-driven research and innovation on a commercial scale.
93. The government proposes to set up a venture capital fund of ₹1000 crore specifically for the space economy.
94. Financial assistance will be provided to veteran artists aged 60 years and above, with an annual income not exceeding ₹72,000.
95. Internships will be offered to students from various technical disciplines within Micro, Small, and Medium Enterprises (MSMEs).
96. The government will strive to further simplify and rationalize the GST tax structure.
97. Technology Centres will offer short-term industrial training/internships as part of the AICTE course curriculum. The National Institute for Micro, Small, and Medium Enterprises (Ni-MSME) will provide internships for students from institutions such as IIIT Design Management, Andhra Pradesh; Institute of Public Enterprises, Hyderabad; Hissar Agricultural University, Haryana; and Rajeev Gandhi National Institute for Youth Development, Tamil Nadu.
98. Rules for Foreign Direct Investment (FDI) and overseas investments will be simplified, including encouraging privatization and using the Indian rupee for overseas investments.
99. The government will develop a taxonomy for climate finance.
100. The Shram Suvidha Portal will be revamped to enhance compliance for industry and trade.
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