Union Budget 2024: Political Uproar Expected in Parliament Today, Watch Video | ABP News

Finance Minister Nirmala Sitharaman presented the Union Budget on Tuesday. Following the Narendra Modi government's third consecutive term, this budget carried high expectations. The Finance Minister aimed to address the needs of the poor, middle class, and wealthy, offering something for everyone. The biggest relief for millions of new tax regime taxpayers comes in the form of an increase in the standard deduction. However, there is some disappointment due to the hike in short-term and long-term capital gains tax and the elimination of indexation benefits. During her budget speech, Finance Minister Nirmala Sitharaman emphasized her primary goals of job creation, skill development, support for small industries, and relief for the middle class. As a result, the government announced incentives for companies that provide staff training. Corporate tax for foreign companies has been reduced, and affordable loans for higher education have been introduced. Additionally, the Mudra loan scheme for small businesses has been doubled. Changes in the new tax regime are also aimed at benefiting the salaried class, with an annual saving of ₹17,500. For pensioners, the deduction on family pensions has been increased to ₹25,000, benefiting approximately 40 million people.