Finance Minister Nirmala Sitharaman was announcing her seventh budget and this time she also said that India’s economic growth should continue to be shining and will be remembered in years ahead. This time while announcing the budget for this year, she said that we have 9 priorities for this year and the upcoming years, those priorities include

• Productivity and Resilience in Agriculture
• Employment and Skilling
• Urban Development
• Energy security
• Infrastructure
• Innovation
• Research and Development.
• Inclusive Priority and Social Justice
• Next Generation Reforms

She also said that this time there is a great need to focus on poor women, youth, and farmers and hence 5 PM package schemes for facilitating employment and skilling have been announced and the total budget of this scheme is Rs 2 lakh crore.

The finance minister said that he will develop industrial parks in nearly 100 cities and 12 industrial parks will come under the National Industrial Corridor Development Program.

Budget for Bihar and Andhra Pradesh

Bihar has been allotted a big bonanza budget in 2024 in which a union government in this unit has given 26000 crore rupees for its road project and Nirmala Sitharaman ji has also said that they will get financial assistance for Bihar through multilateral development agencies. They also work to improve and make the airport, medical college and other infrastructure in Bihar.

A plan named Purvodaya has also been implemented for all-rounder development in Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh.

Central Government will give 15000 crore rupees to Andhra Pradesh this year for its development.

Tax and stock budget

Finance Minister Nirmala Sitharaman has increased the long-term capital tax in the Union Budget 2024-25 and the tax rate has increased from 10% to 12.5% on all financial and non-financial assets.

Sitharaman also increased short-term capital gains from 15% to 20%.

Finance Minister Sitharaman has announced a change in the new tax regime and Due to this, every employee can save his income tax by Rs 17,500.

The limit for appeals relating to Direct Tax, Excise, and Service Tax which are filed in tax tribunals, High Courts, and Supreme Court has been increased to Rs 60 lakhs, 2 crores, and 5 crores.

The finance minister has also increased the security transaction tax on futures from 0.0125% to 0.02% whereas STT increased from 0.0625% to 0.10% on options.

Economy and fiscal Budget

The government will build and maintain a strong infrastructure. The fiscal deficit this year is estimated to be 4.9% of GDP. This year, Rs 11.11 lakh crore of GDP will be allocated for capital expenditure, which is 3.4% of Indian GDP. This time, due to an increase in capital expenditure, the government will reduce the borrowings for the projects. To achieve a budget deficit, the government will issue securities to borrow money.

Government’s expenditure Budget

Defence: 4,54,773 crores
Rural Development: 2,65,808 crores
Agriculture and Allied Activities: 1,51,851 crores
Home Affairs: 1,50,983 crores
Education: 1,25,638 crores
IT and Telecom: 1,16,342 crores
Health: 89,287 crores
Energy: 68,769 crores
Social Welfare: 56,501 crores
Commerce & Industry: 56,501 crores

Agriculture sector Budget

FM Sitharaman has announced a Provision of ₹1.52 lakh crore for the agriculture and allied sectors.

10,000 bioresearch centres will be established.

In the upcoming 2 years, 1 crore farmers will be asked for natural farming which is supported by branding and certification.

Financial support for shrimp breeding centres to be provided, and export to be facilitated through NABARD

Credit Cards for Kisan is to be launched in 5 states

To release 109 varieties of 32 crops

Will help Natural Farmers with verification and branding

To ensure self-sufficiency in pulses and oil seeds crore farmers and their land will be brought into the farmer and land registry.

MSMEs Budget

New mechanisms for the continuation of bank credit are announced to MSMEs for their stress period and the Mudra loans Limit has increased from ₹10 lakh to ₹20 lakh.

The turnover for mandatory onboarding on the TReDS platform is to be reduced to ₹250 crore from ₹500 crore.

Financial support has been provided for approximately 50 multi-product food units in the MSME sector.

Package for boosting skills in budget

Finance Minister Sitaraman has said about internship that 1 crore youth will be given skills by the top companies of India in the next 5 years and They will get a monthly allowance of ₹5000 for 12 months in the Prime Minister internship.

Sitaraman Ji also said that she will upgrade 1000 ITI in hubs in 5 years. They will focus more on outcome and quality in collaboration with states and industries.

Conclusion

A budget is a document that helps us citizens to know what is the government planning with the money given by the citizens and how they will develop our country. A budget tells how the government is planning for the coming time and, how government will make our country grow. budget is always given by the finance minister, no one else is responsible for a budget. It is very important to know the expenditure and spending of the government.

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