Finance Minister Nirmala Sitharaman has presented her seventh consecutive budget. The budget includes several announcements for different sectors.
Union Budget 2024 :
The first Union Budget of Modi 3.0 (Union Budget 2024) has been presented. Finance Minister Nirmala Sitharaman presented it in Parliament. As Finance Minister, this is her seventh consecutive budget. The budget includes several announcements for different sectors. However, which aspects have increased the burden on the common man and which announcements have provided relief? Let me tell you, the government has reduced customs duty on several items.
Among these, cancer drugs have been made duty-free. Let’s find out what has become more expensive and what has become cheaper.
Finance Minister Nirmala Sitharaman began her budget speech by stating that forming the government for the third consecutive time under Prime Minister Modi’s leadership is historic.
The people of the country have shown trust in the government. Global conditions have affected inflation, but in India, inflation is under control and remains within the 4% range.
Nirmala Sitharaman said that in the interim budget, the focus was on the poor, women, youth, and farmers. She mentioned that the Indian economy continues to shine.The complete budget is also focused on these areas. Emphasis is being placed on increasing production in our agricultural sector, which is the top priority for a developed India.They outlined the government’s 9 priorities, which include urban development along with the agriculture sector, employment and skill development, agricultural research, and energy security, innovation , research and growth.
There will be a decline in the prices of gold and silver:
Finance Minister Nirmala Sitharaman made a big announcement saying that cancer medicines will be cheaper. BCD on other devices including mobile and mobile charger has been reduced by 15%. Apart from this, the government has now reduced the customs duty on gold and silver to 6%. This reduction is expected to lead to a decrease in the prices of both gold and silver.
Apart from this, custom duty on leather and footwear was reduced. On the other hand, telecom equipment has become expensive, the custom duty on it has been increased to 15%.
What became Cheaper:
Gold and silver
Imported jewelry
Platinum jewelry
Cancer drugs
Mobile and mobile charger
Fish food
Leather goods
Chemical and petrochemical
PVC Flex banner
X-Ray tube
What became expensive:
Solar glass
Betel
Plastics product
Telecom equipments
Laboratory chemicals
Education and Housing:
New financial support measures have been introduced, such as providing loans up to ₹10 lakh for higher education with e-vouchers for interest subvention. Additionally, a housing scheme targeting the middle class and rural population aims to build 2 crore homes, aligning with the “Housing for All” mission. according to mint.
Tax Reforms: The budget introduces several tax changes:
- The Long-Term Capital Gains (LTCG) tax rate on property sales has been reduced from 20% to 12.5%, but the indexation benefit has been eliminated.
- Income from rental properties must now be reported correctly to prevent tax evasion.
- The government proposes to increase the 80C deduction limit from ₹150,000 to ₹200,000, although this has not been finalized according to Money Control
Infrastructure and Capex:
The government has allocated ₹11.11 lakh crore for capital expenditure (capex) in the fiscal year 2024-25. This includes strong fiscal support for various infrastructure projects over the next five years according to mint.
New Tax Regime:
Adjustments to the new tax regime include increasing the income tax bracket up to ₹7 lakh with a 5% tax rate. This change is expected to help taxpayers save up to ₹17,500 under the new tax regime according to mint.
Economic Growth and Fiscal Targets:
The budget emphasizes achieving a $5-trillion economy and maintaining a positive economic growth rate, with the Reserve Bank of India forecasting a 7.2% growth for the current fiscal year according to MoneyControl.
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