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
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.
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