Porni Banerjee | ২৩ জুলাই ২০২৪ ১৩ : ১৩Porni Banerjee

Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today at 11am in the Parliament in the Monsoon session. This was the first budget after Prime Minister Narendra Modi came back to power in the third term. This Budget is also key to a robust foundation to ‘Viksit Bharat 2047’ vision.

Experts believe that this year’s budget will focus on some tax relief, job creation, infrastructure growth and agricultural development.

In the Budget, Sitharaman focused on reducing customs duties on gold and silver to 6 per cent, and on platinum to 6.5 per cent.

She also announced a price slash on smartphones. The Union Budget reduced the customs duty on mobile phones and chargers to 15 per cent. 

The Finance Minister also said that India’s fiscal deficit was estimated to be 4.9 percent in FY25, down from 5.6 per cent of GDP in FY24.

Sitharaman has also chalked out financial relief for flood-hit states. States that suffer huge losses during floods, including Bihar, Himachal Pradesh, Assam, Uttarakhand  and Sikkim will receive financial assistance by the government for flood management, road repairs, irrigation development.

Nirmala Sitharaman has also said, “GST has significantly reduced tax incidents for the common man and eased compliance for industry, marking a success of vast proportions. To further enhance the benefits of GST, we will strive to rationalize the tax structure.”

The Centre has also announced free electricity up to 300 units per month for 1 crore households under rooftop solar panel scheme. “PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month. This scheme will further encourage it,” Sitharaman said.

The FM also announced Gaya and Mahabodhi temples to get corridors and Nalanda to be transferred in to a tourism hub.

For the development of small and modular nuclear reactors in the country, Nirmala Sitharaman said, “The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy.”

The finance minister has also addressed the housing needs of 1crore urban poor and middle-class families with an investment of Rs 10 lakh crore.

For rural development, the government will allocate Rs 2.66 lakh crore, aiming to boost infrastructure, and improve living standards in the rural areas, said Finance Minister Nirmala Sitharaman.

Under new internship scheme, the government will offer internship programmes to 1 crore youth in top companies in five years under which an allowance of Rs 5000 will be provided. “The Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6000,” said the Finance Minister.

To make Bihar a developed state, the Modi-led BJP government is committed to building new airports medical facilities, and sports infrastructure for the state. Additionally, Rs 26,000 crore will be allocated for construction of highways in the state.

The latest budget also aims to provide financial support for loans of up to Rs 10 lakh for higher education in domestic institutions.

Rs 15,000 crore shall be arranged for the development of the capital of Andhra Pradesh in FY25.

The Centre prioritises a high rate of women participation at various workforce.  “Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions.”

The latest budget also laid down a new mechanism to facilitate bank credit guarantee scheme for MSMEs in manufacturing. “To facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, a new scheme will be introduced. This guarantee fund will provide guarantees of up to ₹100 crore, Nirmala Sitharaman said.

The Centre announced the extension of the limit of Mudra loans to Rs 20 lakh from Rs 10 lakh for those who have availed and paid previous loans.

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