Finance Minister Nirmala Sitharaman presented the Union Budget 2024 with a focus on fostering economic growth, creating employment opportunities, and supporting various sectors of the economy. Here are the top 100 highlights:
Taxation and Financial Reforms
- Capital Gains Taxes Overhaul:
- Short-term gains: 20% on all financial assets
- Long-term gains: 12.5% on all assets
- Exemption: Profits up to ₹1.25 lakh per year
| Type of Gain | Tax Rate | Exemption |
| Short-term (financial assets) | 20% | None |
| Long-term (all assets) | 12.5% | ₹1.25 lakh/year |
- Standard Deduction Increased: From ₹50,000 to ₹75,000.
- Family Pension Deduction: Increased from ₹15,000 to ₹25,000.
- New Income Tax Slabs (New Regime):
- 0-3 Lakh: Nil
- 3-7 Lakh: 5%
- 7-10 Lakh: 10%
- 10-12 Lakh: 15%
- 12-15 Lakh: 20%
- Above 15 Lakh: 30%
| Income Range | Tax Rate |
| 0-3 Lakh | Nil |
| 3-7 Lakh | 5% |
| 7-10 Lakh | 10% |
| 10-12 Lakh | 15% |
| 12-15 Lakh | 20% |
| Above 15 Lakh | 30% |
- Angel Tax Abolished: For all categories of investors.
- STT on F&O: Increased to 0.2%.
Capital and Fiscal Measures
- Capital Expenditure (Capex): Maintained at ₹11.11 lakh crore or 3.4% of GDP.
- Historical Capex Spending:
| Year | Capex Spending (₹ Lakh Crore) |
| 2019 | 3.1 |
| 2021 | 4.4 |
| 2022 | 5.5 |
| 2023 | 7.5 |
| 2024 | 10 |
| 2025 | 11.1 |
- Fiscal Deficit: Reduced to 4.9% of GDP.
- Market Borrowing: Unchanged at ₹14.13 lakh crore.
- Future Fiscal Deficit Target: Aiming below 4.5% by FY26.
Sector-Specific Announcements
- Mobile Phones and Chargers: BCD reduced to 15%.
- Highest Capex Spending: To support the economy and job creation.
- Schemes for Women and Girls: Over ₹3 lakh crore allocated.
- Mudra Loans: Limit increased to ₹20 lakh from ₹10 lakh.
- Focus Areas: Employment, skilling, MSMEs, and middle class.
Employment and Skilling
- Nine Priority Areas:
- Agriculture
- Employment
- Inclusive Development
- Manufacturing and Services
- Urban Development
- Energy
- Infrastructure
- Innovation and R&D
- NextGen Reforms
- Prime Minister’s Employment Package: 5 schemes for 4.1 crore youth with an outlay of ₹2 lakh crore over 5 years.
- Digital Coverage for Farmers: To ensure farmers get their dues.
- PM Garib Kalyan Ann Yojna: Extended for 5 years, benefiting 80 crore people.
- Incentives for Youth: 1-month PF contribution for 30 lakh youth entering the job market.
- Working Women Hostels: To promote women’s participation in the workforce.
- PM Vishwakarma Scheme: Support for artisans and craftspeople.
Education and Skill Development
- Allocation for Education, Employment, and Skilling: ₹1.48 lakh crore.
- Plan Purvodaya: Development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
- E-Vouchers for Students: Direct provision to 1 lakh students annually with 3% interest subvention.
- Upgrade of ITIs: 1,000 ITIs to be upgraded in a hub-and-spoke model.
- Model Skilling Loan Scheme: Revised to facilitate loans up to ₹7.5 lakh.
Agriculture and Rural Development
- New Skilling Scheme: 20 lakh youth to be skilled over 5 years.
- Climate-Resilient Seeds: 109 new high-yielding, climate-resilient seeds for 32 crops.
- Funds for Climate-Resilient Seeds: Provided to private sector and domain experts.
- Employment Schemes: EPFO-linked incentives for employment.
Infrastructure and Development
- India Post Payments Bank: 100 branches to be set up in the North East.
- Rural Development Provision: ₹2.66 lakh crore.
- Model Skill Loan Scheme: To help 25,000 students annually.
- E-Vouchers for Higher Education: Direct provision to 1 lakh students annually.
- Industrial Node at Gaya: Development on the Amritsar-Kolkata Industrial Corridor.
- Voluntary Closure of LLPs: To save late fees and fines.
MSME and Startups
- Threshold for Mandatory Onboarding to TReDS: Reduced from ₹500 crore to ₹250 crore.
- IBC Reforms: Changes to be initiated, additional tribunals to be established.
- Rental Housing for Industrial Workers: To be facilitated in PPP mode.
- Credit Guarantee Scheme for MSMEs: Cover up to ₹100 crore per applicant.
- SIDBI Expansion: 24 new branches to serve MSME clusters.
Social and Economic Justice
- Pradhan Mantri Janjatiya Unnat Gram Abhiyan: For tribal communities’ socio-economic improvement.
- Female Labour Force Participation Rate (LFPR): Increased to 37% in 2022-2023.
- Women in PM Jan Dhan Yojana: Hold 55.6% of accounts.
- Deendayal Antyodaya Yojana-NRLM: 8.3 million SHGs covering 89 million women.
- Stand Up India: 68% of loans sanctioned to women.
Energy and Environment
- Nuclear Energy: Emphasis on nuclear energy for meeting energy requirements.
- Natural Farming: 1 crore farmers to be initiated.
- Bio-Input Resource Centers: 10,000 centers to be established.
- Integrated Technology Platform: For Insolvency & Bankruptcy Code improvements.
Urban and Rural Development
- Transit Oriented Development Plans: For 14 large cities.
- PM Awas Yojana Urban 2.0: To cover 1 crore urban poor and middle-class families.
- Street Food Hubs: 100 weekly ‘haats’ in select cities.
- Plug and Play Industrial Parks: To be developed near 100 cities.
Miscellaneous Announcements
- National Industrial Corridor Development Programme: 12 industrial parks sanctioned.
- PM Surya Ghar Muft Bijli Yojana: 1.8 crore registrations received.
- Pumped Storage Policy: For electricity storage and renewable energy integration.
- NTPC and BHEL JV: To set up an 800 MW thermal plant using AUSC technology.
- Free Electricity Scheme: Rooftop solar panels to provide free electricity up to 300 units/month.
- Rural Development Funding: ₹2.66 lakh crore allocated.
- PM Awas Yojana-Urban 2.0: To meet housing needs of 1 crore families.
- Power Plant in Bihar: New 2400 MW plant at Pirpainti to be developed.
- PM Gram Sadak Yojana Phase IV: For 25 rural habitations.
- Fiscal Support for Infrastructure: Strong support for the next 5 years.
- Energy Audit for MSMEs: In 60 clusters.
- PM Surya Ghar Muft Bijli Yojana: 1.8 crore registrations.
- Central Assistance for Urban Housing: ₹2.2 lakh crore over the next five years.
- Long-Term Loans for States: ₹1.5 lakh crore interest-free loans for infrastructure development.
- Vishnupad Temple Corridor: To be transformed into world-class tourist destinations.
- Nalanda Development: Reviving Nalanda University.
- NPS Vatsalya: For minors, converting to regular NPS upon reaching adulthood.
- Flood Management Support: For flood-affected states like Bihar, Assam, Himachal Pradesh, Uttarakhand, and Sikkim.
- Land Reforms: Unique Land Parcel Identification Number for rural areas.
- Land Registry: To be established in rural areas.
- Inclusive Development Commitment: For farmers, women, youth, and the poor.
- Social Justice Programs: Saturation approach for education and health.
- Anusandhan National Research Fund: For basic research and prototype development.
- Private Sector-Driven Research: Financing pool of ₹1 lakh crore.
- Venture Capital Fund for Space Economy: ₹1,000 crore.
- Financial Assistance for Veteran Artists: For those aged 60 and above with annual income not exceeding ₹72,000.
- Internships for Students: Within MSMEs.
- GST Structure Simplification: To further ease compliance.
- Technology Centers: For industrial training and internships.
- FDI and Overseas Investment Rules: Simplified.
- Climate Finance Taxonomy: To be developed.
- Shram Suvidha Portal: Revamped for better compliance.
- Customs Duties Adjustments: On 25 critical minerals.
- Digitalization of Economy: With Jan Vishwas Bill 2.0.
- NPS for Minors: NPS-Vatsalya plan for contribution by parents.
- Net Tax Receipts Estimate: ₹25.83 lakh crore for FY25.
- Customs Duties on Precious Metals: Reduced to 6% on gold and silver, 6.5% on platinum.
This budget is designed to stimulate economic growth, support various sectors, and ensure inclusive development across the nation.
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