Key takeaways from the Budget 2024
The 2024 Union budget presents a comprehensive growth package aimed at bolstering the rural sector, a crucial backbone of our economy. The primary focus remains on job creation, skilling, enhancing infrastructure, and strengthening the manufacturing ecosystem, particularly in renewable energy and emerging sectors. The aim is to increase disposable income in the hands of the poor and middle class, constituting 80 pct of the population.
Main focus areas include rural housing, manufacturing, higher capital expenditure, infrastructure development, defense, and power.
Key takeaways from the budget
- The government has lowered fiscal deficit target to 4.9 per cent
- Provides Rs. 2.66 lakh crore for rural development
- Construction of three crore additional houses under the PM Awas Yojana in rural and urban areas
- Plans to set up a critical mineral mission
- Allocating Rs 11 lakh, 11 thousand and 111 crore towards capital expenditure.
- To set up 800 MW supercritical thermal power plants
- Two lakh crore package for 5 schemes on jobs and skilling of 4.1 crore youth
- Amendments to the Insolvency and Bankruptcy Code (IBC) and bring in reforms aimed at strengthening the National Company Law Tribunals
- Measures to boost rural consumption
- Tax rate structure revised liberally
- Increased the short-term and long term capital gains tax
- STT hike in derivatives trading
- Allocated Rs 6.21 lakh crore for defence
- The corporate tax rate on foreign companies reduced and angel tax was abolished
- Cut in custom duty on gold and silver
- Allocate Rs15000cr as special financial support to Andhra Pradesh state
