On 23rd July 2024, Indian Finance Minister Mrs. Nirmala Sitaraman presented the budget for 2024. Soon after the announcement, it becomes the talking point in households, offices, and the news debate. Many people welcome the budget claiming it is visionary and will reduce the debt burden from India. On the other hand, many are concerned about the situation of a middle-class family. Indian Budget 2024 mainly focuses on the 4 sectors as stated by the finance minister – poor, women, youth, and farmers. The government takes many bold steps and many required things are negated by them and this article you find all the good and bads of the Indian Budget.
Goods of the Indian Budget 2024
Farmers & Agriculture
- 1.52 Lakh Crore will be invested in the development of agriculture and allied sectors. 10000 – Bio Input resources will be established across the country. (Need Based).
- To promote natural farming, 1 crore farmers in 2 years will initiated supported by certification and branding. To take “Atmanirbharta” to another level a strategy will be developed for oil seeds.
- Digital Public Infrastructure (DPI) in agriculture for coverage of farmers and their lands in 3 years. Based on the Kishan Credit Card- Jan Samarth will be issued in 5 states.
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Employment, Skill Development, Education and Women Empowerment
- 20 Lakh young people will be skilled by government in next 5 year. 1000 industrial training institutions will be upgraded for skill development.
- 2.10 crore people will get 3 instalments of up to 15000 (One month’s wage) in EPFO for all the new entrants in all formal sectors. All the new hire’s EPFO contributions up to 3000/- monthly will be reimbursed government for 2 years.
- Planning to provide internship to 1 crore youth in next 5 years in top 500 firms of the world. Allowance of 5000/- per month with a one-time payment of 6000 through CSR.
- The Indian government is expected to generate 50 Lakh Jobs. To increase women’s participation in the workforce, the government in collaboration with Industry will set up working women hostels. Allocation of 3 Lakh Crore for the schemes benefiting the women and girls.
- Loans of 7.50 lakh from the government-promoted fund guarantee will be provided to 25,000 students. For higher education in Indian institutions loans up to 10 lakhs will be provided. The government will bear the 3% interest on the loan. The government will give direct e-vouchers to 1 lakh people.
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Development of India
- For improvement of the socio-economic condition of the tribal communities, Pradhan Mantri Janjatiya Unnat Gram Abhiyan will implemented in 63,000 villages. It will benefit 5 crore tribal people.
- Amritsar Kolkata Industrial Corridor with the development of an Industrial node at Gaya. The Indian Post Payment Bank will set up 100+ branches in the north and northeast regions.
- Financial aid of 15,000 crore for Andhra Pradesh and 26,000 crore for Bihar. The National Industrial Corridor Programme will develop 12 industrial parks.
- The limit for Mudra loans increased to 20 Lakh from 10 Lakh. Lower stamp duty on the property purchased by women.
- The government will invest 10 lakh crore to provide houses for 1 crore families under the PM Awas Yojana Urban 2.0
- Free electricity for the 1 crore households up to 300 units per month. Provision of 11,11,111 crore for the infrastructure development. 1.5 Lakh interest-free loans to states.
- 6% decrease in custom duty on file and silver, 15% decrease in BCD on Mobile phones and chargers. 3 cancer medications are fully exempt from customs duties.
Schemes Allocation
- 86,000 crore rupees for the MGNREGA scheme. The government allocated 2,258 crore for the nuclear power project.
- The government will invest 1200 crore in the research and development project. 2143 crore PLI for the pharmaceutical industry
- 6903 crore for semiconductor and display manufacturing. 10000 crore for the solar power grid.
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Improvement Required in Budget
- The government has introduced many schemes for the upliftment of people in the poor category. But no scheme will keep them in the middle class.
- Short-term capital gain tax increased by 15% from 12.5% and long-term capital gains increased by 20% from 15%.
- The tax burden for middle-class people is increased as mentioned below
| Income | Tax Rate |
| 0-3 Lakh | NIL |
| 3-7 Lakh | 5% |
| 7-10 Lakh | 10% |
| 10-12 Lakh | 15% |
| 12-15 Lakh | 20% |
| 15 Lakh and More | 30% |
- The government has planned some amazing steps but has not disclosed the process of implementation.
- The central government alliance, influenced by JDU and TDS, has given financial aid to Bihar and Andhra Pradesh. Other states are not getting such aid from the government.
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Conclusion
Indian budget 2024 comes with many good signs and hopes. Hopes for youths, hopes for women, hopes for farmers, and finally hopes for farmers. This budget talks about the empowerment of youth for society upliftment. India is targeting to decrease its loans and develop a strong economy. Yes, it has some points against of middle class but it talks about giving 1 crore families. As we all know a country has limited resources and they have spent wisely. So satisfying all the sectors of society may be not possible. But this budget addresses the issues of unemployment, poverty, farmers’ conditions, and women’s empowerment. In upcoming years we are expecting more such initiatives from the government for all sections of society.
