Union Budget 2024-25: List of Big Announcements by Nirmala Sitharaman

In her presentation of the Union Budget for the fiscal year 2024-25, Finance Minister Nirmala Sitharaman unveiled a series of transformative initiatives aimed at accelerating India's economic growth and addressing key developmental needs. This year's budget is marked by ambitious plans to bolster infrastructure, enhance regional development, and support education and entrepreneurship.

From substantial investments in road projects and new industrial corridors to comprehensive plans for eastern states and innovative educational support, the announcements reflect a robust commitment to driving inclusive and sustainable development across the nation. Here's a detailed look at the major highlights from the Union Budget 2024-25 and what they mean for India's future. Let's have a look into it:

Sector-wise Big Announcements in Union Budget 2024-25:

Agriculture and Farmers

1 Crore Farmers to be shifted to 'natural farming'
Kisan credit cards in 5 states
Rs 1.5 lakh crore for agriculture, allied sectors
Rs. 2.66 lakh crore for rural development, including rural infrastructure
New 109 high-yielding, climate-resilient seeds for 32 field and horticulture crops.

Education & Skill Development:

20 lakh youth will be skilled over 5 years
Up to Rs 10 lakh higher education loan for colleges in India. E-vouchers for this purpose will be given directly to one lakh students every year
Rs 1.48 lakh cr for education, employment, skill
Upgrading 1,000 Industrial Training Institutes (ITIs) in the next five years.

Income Tax:

The standard deduction for those under the new regime raised from Rs 50,000 to Rs 75,000
New tax slabs - No tax up to Rs 3 lakh, Rs 3-7 lakh at 5%, Rs 7-10 lakh at 10%, Rs 10-12 lakh at 15%, Rs 12-15 lakh at 20% and above Rs 15 lakh 30%
Salaried employee in New Tax Regime stands to save up to Rs 17,500 in income tax based on changes
Short-term gains on some financial assets to attract 20% tax
Long-term capital gain on financial, and non-financial assets is to be taxed at 12.5%
Unlisted bonds, debentures, debt mutual funds, and market-linked debentures are to be taxed at a slab rate

Companies:

The corporate tax rate on foreign companies reduced to 35% from 40%

For Start-ups:

Angel tax removed from all classes of investors

Banking and Insurance:

Mudra loan limit enhanced to Rs 20 lakh
SIDBI to open new branches to serve more MSMEs over 3 years

Housing:

3 crore additional houses in rural and urban areas
Rental housing with dormitory-type accommodation for industrial workers
Rs 10 lakh crore for developing housing for urban poor
Central assistance of Rs 2.2 lakh crore for urban housing over the next five years

Healthcare:

3 more medicines for cancer treatment exempt from customs duty

Infrastructure:

Allocation towards capex set at Rs 11.11 lakh crore for fiscal 2025
New expressways to be built in eastern India at Rs 26,000 crore
New airports, and medical colleges to be built in Bihar
Boost for Andhra Pradesh in Union Budget: Rs 15,000 cr for Amaravati
Funds for water, power, railways, and roads to the regions of Rayalaseema, Prakasam North coastal Andhra Pradesh

Tourism:

Government to support the development of Nalanda as a tourism destination
Comprehensive development of Vishnupad and Mahabodhi temple corridors
Government to provide support to Odisha to develop tourism destinations

Excise and Custom:

Customs duty on gold, silver reduced to 6%, platinum to 6.4%
Customs duty exempt on 25 critical minerals, and reduced duty on 2 of them
Customs duty on mobile phones, related parts, chargers cut to 15%

Economy of India:

Fiscal 2025 total receipts other than borrowings at Rs 32.07 lakh crore
Fiscal deficit seen at 4.9% of GDP in fiscal 2025
Net tax receipts at Rs 25.83 lakh crore, total expenditure at Rs 48.21 lakh crore

Land Reforms:

Rural land-related actions to include assignment of unique land parcel identification number
Land records in urban areas to be digitized with GIS mapping

Labor:

1-month wage for new staff in the formal sector
Rs 5,000 internship allowance, one-time aid of Rs 6,000
Internships in 500 top companies to be encouraged under the new scheme

For Women:

Rs 3 lakh crore for schemes for women and girls

Water Management:

Treated water facilities in 100 large cities

Prepaid Power:

PM Surya Ghar Muft Bijli scheme for rooftop solar panels in 1 crore houses
Government to partner with private sector to set up 'Bharat Small Nuclear Reactors'