Presenting the first Union Budget of Modi 3.0, Union Finance Minister Nirmala Sitharaman focused on job creation, infrastructure development, making new regime of personal income tax more attractive, increasing the standard deduction limits for income tax payers giving a boost to startups with measures such as the abolition of angel tax, and special financial assistance in terms of investment in Bihar and Andhra Pradesh, two states ruled by the Bharatiya Janata Party’s allies — the Janata Dal-United and the Telugu Desam Party respectively — which are crucial for the stability of the National Democratic Alliance government of Prime Minister Narendra Modi at the Centre.
Here is Nirmala Sitharaman’s full speech that she gave earlier in the Lok Sabha:
Hon’ble Speaker,
I present the Budget for 2024-25.
Introduction
Global Context
Interim Budget
Budget Theme
Budget Priorities
1)Productivity and resilience in Agriculture
2)Employment & Skilling
3)Inclusive Human Resource Development and Social Justice
4)Manufacturing & Services
5)Urban Development
6)Energy Security
7)Infrastructure
8)Innovation, Research & Development and
9)Next Generation Reforms
Priority 1: Productivity and resilience in Agriculture
Transforming agriculture research
Release of new varieties
Natural Farming
Missions for pulses and oilseeds
Vegetable production & Supply Chains
Digital Public Infrastructure for Agriculture
Shrimp Production & Export
National Cooperation Policy
Priority 2: Employment & Skilling Employment Linked Incentive
Scheme A: First Timers
Scheme B: Job Creation in manufacturing
Scheme C: Support to employers
Participation of women in the workforce
Skilling programme
Skilling Loans
Education Loans
Priority 3: Inclusive Human Resource Development and Social Justice
Saturation approach
Purvodaya
Andhra Pradesh Reorganization Act
PM Awas Yojana
Women-led development
Pradhan Mantri Janjatiya Unnat Gram Abhiyan
Bank branches in North-Eastern Region
Priority 4: Manufacturing & Services, Support for promotion of MSMEs
Credit Guarantee Scheme for MSMEs in the Manufacturing Sector
New assessment model for MSME credit
Credit Support to MSMEs during Stress Period
Mudra Loans
Enhanced scope for mandatory onboarding in TReDS
SIDBI branches in MSME clusters
MSME Units for Food Irradiation, Quality & Safety Testing
E-Commerce Export Hubs
Measures for promotion of Manufacturing & Services, Internship in Top Companies
Industrial Parks
Rental Housing
Shipping industry
Critical Mineral Mission
Offshore mining of minerals
Digital Public Infrastructure Applications
Integrated Technology Platform for IBC eco-system
Voluntary closure of LLPs
National Company Law Tribunals
Debt Recovery
Priority 5: Urban Development
Cities as Growth Hubs
Creative redevelopment of cities
Transit Oriented Development
Urban Housing
Water Supply and Sanitation
Street Markets
Stamp Duty
Priority 6: Energy Security, Energy Transition
PM Surya Ghar Muft Bijli Yojana
Pumped Storage Policy
Research and development of small and modular nuclear reactors
Advanced Ultra Super Critical Thermal Power Plants
Roadmap for ‘hard to abate’ industries
Support to traditional micro and small industries
Priority 7: Infrastructure, Infrastructure investment by central government
Infrastructure investment by state governments
Private investment in infrastructure
Pradhan Mantri Gram Sadak Yojana (PMGSY)
Irrigation and Flood Mitigation
Tourism
Priority 8: Innovation, Research & Development
Space Economy
Priority 9: Next Generation Reforms, Economic Policy Framework
Land-related reforms by state governments
Rural Land related actions
Urban Land related actions
Labour related reforms, Services to Labour
Shram Suvidha & Samadhan Portal
Capital and entrepreneurship related reforms, Financial sector vision and strategy
Taxonomy for climate finance
Variable Capital Company structure
Foreign Direct Investment and Overseas Investment
NPS Vatsalya
Use of Technology
Ease of Doing Business
Data and Statistics
New Pension Scheme (NPS)
Budget Estimates 2024-25
I will, now, move to Part B.
PART B, Indirect Taxes
Medicines and Medical Equipment
Mobile Phone and Related Parts
Critical Minerals
Solar Energy
Marine products
Leather and Textile
Precious Metals
Other Metals
Electronics
Chemicals and Petrochemicals
Plastics
Telecommunication Equipment
Trade facilitation
Direct Taxes
We will continue our efforts to simplify taxes, improve tax payer services, provide tax certainty and reduce litigation while enhancing revenues for funding the development and welfare schemes of the government.
Comprehensive Review of the Income-tax Act, 1961
Simplification for Charities and of TDS
Simplification of Reassessment
Simplification and Rationalisation of Capital Gains
Tax Payer Services
Litigation and Appeals
Employment and Investment
Deepening the tax base
Others
Personal Income Tax
As a result of these changes, a salaried employee in the new tax regime stands to save up to ? 17,500/- in income tax.
Jai Hind.
Link to article –
Union Budget 2024: Read full text of Nirmala Sitharaman’s full speech in Lok Sabha
