Guwahati, July 23: Union Finance Minister, Nirmala Sitharaman tabled the budget session for FY 2024-25 in Lok Sabha on Tuesday. Here are some of the key highlights of the proposed budget.
9 priorities of the proposed Union Budget 2024-25
• Agriculture
• Human development
• Employment
• Innovation, research and development
• Energy security
• Manufacturing
• Infrastructure
• MFg and services
• Next generation reforms
Budget estimates
• FY25 Total Receipts estimated at ₹32.07 lakh crore
• FY25 Total Expenditure estimated at ₹48.21 lakh crore
• Net tax receipts estimated at ₹25.83 lakh crore
• Gross market borrowings estimated at ₹14.01 lakh crore
• Net market borrowings estimated at ₹11.63 lakh crore
• FY25 Fiscal deficit estimated at 4.9% of GDP
Goods likely to get costlier after budget 2024 implementation
• Ammonium Nitrate
• Non-biodegradable plastic
• Cigarette
• Solar Glass
• Poly Vinyl Chloride (PVC)
Goods likely to get cheaper after the budget 2024 implementation
• Blister copper and ferro-nickle
• Basic custom duty on mobile phone chargers reduced to 15%
• Gold, silver and platinum (reduction in custom duties)
• Components for manufacture of vessels
• Solar energy parts
• Sea food and fish feed
• Medical products and artificial parts of the body
• Clothes
• Shoes
Comprehensive review of Income Tax Act 1961 to be completed in six months. Changes in income regime tax slabs.
• Up to Rs. 3 lakh- NIL
• From Rs. 3 lakh to Rs. 7 lakh- 5%
• From Rs. 7 lakh to Rs. 10 lakh- 10%
• From Rs. 10 lakh to Rs. 12 lakh- 15%
• From Rs. 12 lakh to Rs. 15 lakh- 20%
• Above Rs. 15 lakh- 30%
Changes in the education sector
• Technology Centres impart short-term industrial training/internship as part of AICTE course curriculum to the youth. The National Institute for Micro, Small and Medium Enterprises (Ni-MSME) under the Ministry will provide internships for students of several educational institutions.
• FM allocated Rs. 1.48 lakh crore for education, employment and skilling. 5 schemes for 4.1 crore youth with an outlay of Rs. 2 lakh crore over a period of 5 years.
• Government to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 percent of loan amount.
• 1,000 ITIs to be upgraded in hub and spoke model.
