New Delhi: Finance Minister Nirmala Sitharaman today presented the full budget of the third term of the Modi government at the Center. In the budget, the Finance Minister has paid special attention to the factors affecting the prosperity of the country as well as the private interests of the citizens. Along with this, the Finance Minister has also announced the expansion of all those public welfare schemes, which are currently positively affecting the private interests of the people. Apart from this, keeping the interests of the people at the center, the Finance Minister has made many big announcements.
Finance Minister Nirmala Sitharaman has made changes in the tax levied on many products and services in her budget (Budget 2024) speech of about 85 minutes. While many products will now become cheaper due to the reduction in tax, the prices of many products will increase due to the increase in tax. Finance Minister Nirmala Sitharaman has made many big announcements in this budget of the Modi government.
In the budget, he paid special attention to areas like youth skill development, education, agriculture and employment generation. The Finance Minister also announced special schemes to make the eastern states of the country the engine of the country’s economic growth. The Finance Minister, who reached the Lok Sabha in a white saree, started her budget speech at 11 am.
Big points of Budget 2024
The Finance Minister said that India’s economy is consistently performing well. India’s inflation has been low. Currently it is 3.1 percent. Food items are under control. We want to focus on these four castes – poor, women, youth and food providers.
What all became cheaper?
Jewellery made of gold and silver
Electronic vehicles
Cancer medicines
Mobile chargers
Fish food
Electric wires
Custom duty on platinum reduced
Leather goods
Chemicals Petrochemicals
X-ray machines
Lithium batteries
What all became expensive
Import duty on plastic goods increased
Plastic goods will become expensive
Petrochemicals – Custom duty on ammonium nitrate increased
PVC – 10 to 25 percent increase to reduce imports
Air travel expensive
Cigarettes expensive
Budget 2024: Exemption in new tax system
Income tax free up to 0-3 lakhs
3-7 lakhs – 5%
7-10 lakhs – 10%
10-12 lakhs – 15%
12-15 lakhs – 20%
Above 15 lakhs – 30%
Big gift to Bihar in the budget
Total cost 26 thousand crores
Patna-Purnia, Bodh Gaya-Rajgir-Darbhanga, Buxar-Bhagalpur Expressway
Work will be done for the development of Rajgir
Nalanda will be made a tourist center
Vishnupada temple corridor will be built
Bridge on the Ganges river in Buxar
Construction of new medical colleges in Bihar
Development of infrastructure for sports
Mahabodhi temple corridor will be built
Gift to Andhra in Budget 2024
Regarding Andhra Pradesh, Finance Minister Nirmala Sitharaman said that our government has tried to fulfill the commitments made in the Andhra Pradesh Reorganization Act. In view of the capital needs in the state, special financial assistance was announced through multilateral agencies. Andhra Pradesh will be provided Rs 15,000 crore in the current financial year and additional amount will be given in future years. Apart from this, the Finance Minister also announced the financing and completion of Polavaram irrigation project. He said that this will benefit the farmers of the state. Financial assistance increased for flood relief and irrigation projects
Finance Minister Nirmala Sitharaman announced a comprehensive financial assistance scheme of Rs 11,500 crore to strengthen flood control measures and irrigation projects in various states. Also, the government will provide financial assistance for various projects through Advanced Irrigation Benefit Program (AIBF) and other sources.
Kisan Samman Nidhi will not increase
T
he Finance Minister gave Rs 1.52 lakh crore for agriculture and related sectors. Last year Rs 1.25 lakh crore was given. That is, this time the budget for farmers was kept at 21.6% i.e. Rs 25 thousand crore. However, despite the constant demand of the farmers, no announcement was made in the budget regarding the Minimum Support Price (MSP). At the same time, the amount of Kisan Samman Nidhi has also not been told. It will remain Rs 6,000 only.
Budget 2024: Three lakh crore allocated for women
Finance Minister Nirmala Sitharaman allocated more than Rs 3 lakh crore for schemes benefiting women and girls in the Union Budget 2024-25. Along with this, to promote women’s participation in the workforce, the government announced to set up hostels for working women.
Government showed kindness to the youth
Modi 3.0 government has given a big gift to the youth in its first budget. For those getting a job for the first time, if the salary is less than Rs 1 lakh, the youth registering for the first time in EPFO will get assistance of Rs 15 thousand in three installments. Under the education loan, those youth will get loan for admission in institutions across the country who are not getting any benefit of government schemes. The government will give up to 3 percent of the loan amount. For this, e-vouchers will be introduced, which will be given to one lakh students every year.
