Budget highlights 2024 LIVE: This is the first Budget of the Modi 3.0 government after Lok Sabha Elections 2024. This is also a record seventh Budget speech for Sitharaman.
Finance Minister Nirmala Sitharaman presented Union Budget 2024 on Tuesday. Sitharaman said that the Budget focuses on on four major classes – poor, women, youth and farmer. She also announced the Prime Minister’s package of five schemes with a Rs 2 lakh crore outlay for employment, skilling and other opportunities.
This is the first Budget of the Modi 3.0 government after Lok Sabha Elections 2024. This is also a record seventh Budget speech for Sitharaman. Here are the highlights of the Union Budget 2024:
The Finance Minister said that the Budget will make sustained efforts on 9 priorities for Viksit Bharat:
- Productivity and resilience in agriculture
- employment and skilling
- manufacturing and services
- urban development
- infrastructure
- innovation, research and development
- Next gen reforms
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BIG PUSH FOR EMPLOYMENT:
FM Sitharaman announced big moves on employment generation and money for first-time job-seekers. Sitharaman announced three schemes for employment linked schemes.
The FM announced that the government will provide 1 month wages to all persons newly entering workforce in the formal sector.
For job creation in manufacturing, the FM announced that the government will incentivise employees and employers with EPFO contribution.
Ahead of Budget, the Finance Minister tabled Economic Survey 2023-24 in Parliament on Monday. The Economic Survey remained bullish on India’s growth and macroeconomic outlook and pegged India’s GDP growth for FY25 at 6.5-7 per cent and the country’s inflation lower at 4.5 per cent. The Economic Survey 2023-24 also said the Indian economy needs to add 7.85 million jobs every year until 2030 in the non-farm sector.
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Ahead of the presentation, arrived in Parliament with the Bahi Khata, clad in a white and magenta silk sari. Earlier today, she met President Droupadi Murmu and sought her approval for the Budget. Murmu fed her curd and sugar, a tradition where a person going for an important assignment is fed this.
The Budget 2024 presentation began at 11 am today. There are expectations that the FM may make announcements on the income tax front, including raising exemption and standard deduction limits, here are the current tax slabs and rates.
