Union Budget 2024 Highlights: Highest Allocation For Defence, Hike In LTCG, And More - What Follows Next
Union Budget 2024 Highlights: Please follow this space for all the latest updates related to Budget 2024, to be tabled by Finance Minister Nirmala Sitharaman today
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Background
Union Budget 2024 Highlights: Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget on July 23, 2024. The Budget was based on nine themes, namely, agriculture, employment, inclusive development, manufacturing and services, urban development, energy, infrastructure, innovation, R&D, and nexgen reforms.
Regarding the fiscal deficit, the FM outlined a target of 4.9 per cent of the GDP for the 2024-25 fiscal year (FY25), and 4.5 per cent for the following fiscal year.
The government set a Budget Estimate of Rs 32.07 lakh crore for the receipts other than borrowing, with net tax for the fiscal year estimated at Rs 25.83 lakh crore. The gross market borrowing for FY25 are projected at Rs 14.01 lakh crore, while net market borrowing for the period is estimated at Rs 11.63 lakh crore.
Amongst the ministries, the Defence Ministry received the highest allocation of Rs 6.21 lakh crore or 12.9 per cent of the overall bduget of the fiscal year. The Border Roads Organisation also received a 30 per cent hike in the allocation at Rs 6,500 crore in the Budget.
Further, amongst the major changes, the Budget introduced changes in the slabs for the new tax regime and raised the standard deduction limit in the new regime. Sitharaman said that in order to simplify taxation, the tax rate on STCG and LTCG has been hiked to 20 per cent and 12.5 per cent respectively.
Angel tax was completely abolished in the Budget. The government allocated Rs 11.1 lakh crore towards capital expenditure allocation for infrastructure.
The stock market on Tuesday ended on a marginally lower note as the investors expressed their disappointment with the increase in taxes on capital gains. The BSE Sensex plunged more than 1,200 points during the day to end trading at 80,429, inching lower by 73 points, while the NSE Nifty tanked over 400 points during intraday, however, it settled 30 points lower at 24,479.
Sitharaman also launched a PM's Package involving five schemes focused on boosting employment opportunities and skill development in the country.
Stay in touch with ABP LIVE for comprehensive coverage of the Union Budget 2024, including updates on Share Market impact, Key Highlights, and Reactions from across the country.
Union Budget 2024 LIVE Updates: Expert Lauds Budget For Laying Robust Groundwork To Advance Education
Pankaj Jathar, Chief Executive Officer of NIIT Ltd., praised the budget announcement for laying a robust groundwork to advance education, skilling, and employment opportunities. He commended the allocation of Rs 2 lakh crore towards five employment and skilling schemes, coupled with Rs 1.48 lakh crore dedicated to education, employment, and skilling initiatives, highlighting the government's strong commitment to the nation's youth and economic growth.
Union Budget LIVE Updates: Industry Applauds Govt's Initiatives To Establish 'Plug And Play' Industrial Parks
Sanjeev Dasgupta, CEO of CapitaLand Investment India, applauded the government's initiatives to establish 'plug and play' industrial parks and promote 'Cities as Growth Hubs'. He emphasized that these measures will unlock significant investment opportunities and stimulate demand for modern commercial spaces across the country. Furthermore, Dasgupta noted that these initiatives will attract global firms to bolster their manufacturing operations in India, thanks to the added benefits provided.
Union Budget LIVE Updates: Industry Expert Praises Govt's Focus On Digital Infrastructure
Sanjay Agrawal, Head of Presales and CTO at Hitachi Vantara India and SAARC and Chair of SNIA, praised the government's interim budget for its strong emphasis on nurturing a robust manufacturing ecosystem in India. He highlighted the budget's focus on digital infrastructure, skilling initiatives, and industrial parks, which align closely with Hitachi Vantara's strategy of fostering a digitally transformed and globally competitive manufacturing sector.
Agrawal affirmed Hitachi Vantara's commitment to supporting India's industrial growth journey by offering advanced solutions that enhance operational efficiency, enable data-driven decision-making, and bolster supply chain resilience.
Union Budget 2024 Live Updates: The Growing Focus On Skilling Students For Future Success Is The Key, Says Education Expert
Ravi Bhushan, founder and CEO at BrightCHAMPS, said, strategies for skilling students and ensuring future-readines is clearly a major consideration. "I'm glad to see that the allocation for education has gone up by over 10 per cent compared to last year. While we’re still short of the 6 per cent allocation from the overall budget that most OECD countries adhere to and has been recommended by the New Education Policy, it certainly is a step in the right direction. It is interesting to see that skilling of young students and ensuring that they are future-ready and employable is clearly a major consideration within the new policies and schemes that have been announced. I believe this is very important to secure the futures of our more vulnerable students and youth, and I have hope that in subsequent years, we will see a greater focus on skill-based practical education in schools across state boards. I’m also particularly keen to see how the programme to offer one crore internships within top companies shapes up – it could truly pave the way for strong public-private partnerships and provide policy-makers with vital information on what industry-ready skills need to be focussed on in the coming years."
Union Budget 2024 LIVE Updates: Expert Says Upskilling 20 Lakh Youth Is A Much-Needed Initiative
Sujay Pidara, Founder of MyJobee, highlighted the significance of the Budget's initiatives aimed at fostering employment, encouraging women's participation, and enhancing skill development. He stressed the importance of initiatives such as establishing working women's hostels and creches, which not only ensure safety but also provide financial incentives, thereby promoting higher female workforce participation. "The commitment to upskilling 20 lakh youth over five years through upgraded Industrial Training Institutes is a much-needed strategy," he added.
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