New Delhi: NDA’s Finance Minister Smt. Nirmala Sitaraman has introducted Union Budget 2024 and highlights are here covering all major sectors:

Sector Wise Distribution in Union Budget 2024:

Income Tax:

The government will tax short-term capital gains on certain financial assets at 20%. They will tax long-term capital gains on financial and non-financial assets at 12.5%.

Unlisted bonds, debentures, debt mutual funds, and market-linked debentures will be taxed according to slab rates.

Companies:

The corporate tax rate for foreign companies has been reduced from 40% to 35% to attract more foreign direct investments (FDIs).

Start-ups:

The government has removed the angel tax for all classes of investors to boost investments.

Banking/Insurance:

The Mudra loan limit has been increased to ₹20 lakh. SIDBI will open new branches over the next three years to serve more MSMEs.

Housing:

The government will construct an additional 3 crore houses in rural and urban areas. They will provide rental housing with dormitory-style accommodation for industrial workers.

They have allocated ₹10 lakh crore for developing housing for the urban poor.

Agri/Farmers:

The government will transition 1 crore farmers to ‘natural farming.’ They will issue Kisan credit cards in 5 states. They have allocated ₹1.5 lakh crore for agriculture and allied sectors.

Education:

Over the next five years, 20 lakh youth will be skilled. Loans up to ₹10 lakh will be available for higher education in Indian colleges.

Healthcare:

Three additional medicines for cancer treatment will be exempt from customs duty.

Large Sectors:

Infrastructure:

The government has allocated ₹11.11 lakh crore for capital expenditure for fiscal year 2025. They will build new expressways in eastern India with an investment of ₹26,000 crore.

They will also construct new airports and medical colleges in Bihar.

Excise/Customs Duty:

The government has reduced customs duty on gold and silver to 6%, and on platinum to 6.4%. They have exempted customs duty on 25 critical minerals and reduced duty on 2 of them.

Government have cut customs duty on mobile phones, related parts, and chargers to 15%.

Economy:

Total receipts for fiscal year 2025, excluding borrowings, are estimated at ₹32.07 lakh crore. The fiscal deficit is projected to be 4.9% of GDP.

Net tax receipts are expected to be ₹25.83 lakh crore, with total expenditure at ₹48.21 lakh crore.

Land Reforms:

Rural land-related actions will include assigning unique land parcel identification numbers. The government will digitize urban land records with GIS mapping.

Labour:

The government will provide one month’s wage for new staff in the formal sector. They will offer an internship allowance of ₹5,000 and a one-time aid of ₹6,000.

Budget will encourage internships in 500 top companies under a new scheme.

Women’s Development:

The government has allocated ₹3 lakh crore for schemes aimed at women and girls.

Water Management:

Treated water facilities will be set up in 100 large cities.

Prepaid Power:

The ‘PM Surya Ghar Muft Bijli’ scheme will provide rooftop solar panels for 1 crore houses. The government will partner with the private sector to establish ‘Bharat Small Nuclear Reactors.’

Tourism:

The government will support the development of Nalanda as a tourism destination. They will undertake comprehensive development of Vishnupad and Mahabodhi temple corridors.

The Government will support Odisha in developing tourism destinations as allocated in Union Budget 2024.