Union Budget 2024: Finance Minister Nirmala Sitharaman today (July 23) presented the Union Budget 2024-25 for the seventh consecutive time during the Budget session of Parliament. She has become the first Finance Minister to present the budget seven times in a row. She has surpassed former Prime Minister Morarji Desai’s record of presenting the budget six times in a row as Finance Minister between 1959-64.
Sitharaman introduced increased standard deductions and revised tax rates for salaried individuals under the new tax regime. Apart from this, a reduction in customs duty on gold, silver, mobile phones and other goods was announced.
While presenting the budget, Union Finance Minister Nirmala Sitharaman said, “As mentioned in the interim budget, we need to focus on 4 different castes, poor, women, youth and farmers. For farmers, we have announced higher minimum support prices for all major crops, fulfilling the promise of at least 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years, benefiting more than 80 crore people.”
Sitharaman’s big announcements
– Free ration system will continue for 5 years
– Provision of Rs 1.52 lakh crore for agriculture and allied sectors this year
– Government will work on 3 major schemes for employment
– Announcement of 3 expressways in Bihar
– Bodhgaya-Vaishali Expressway will be built
– Construction of Patna-Purnia Expressway
– Two-lane bridge over Ganga river in Buxar
– Provision of 26 thousand crores for expressways in Bihar
– Skill model loan of Rs 7.5 lakh to students
– Additional to first-time job holders PF
– Priority to women in jobs
Presenting the budget, Union Finance Minister Nirmala Sitharaman said, “As mentioned in the interim budget, we need to focus on 4 different castes, poor, women, youth, and farmers. For farmers, we have announced higher minimum support prices for all major crops, fulfilling the promise of at least a 50% margin over cost. PM Garib Kalyan Anna Yojana extended for 5 years, benefiting more than 80 crore people.”
Announcement of 5 new schemes for youth
Finance Minister Nirmala Sitharaman said I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skills, and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore. This year we have made a provision of Rs 1.48 lakh crore for education, employment and skills.
A proposal of Rs 26000 crores in the budget for various schemes for Bihar.
Andhra Pradesh will get a package of about 15 thousand crores.
The government will provide financial assistance for loans up to Rs 10 lakh for higher education in domestic institutions.
The government will bring more new schemes for the welfare of SC-ST and OBC society.
10 thousand biofuel plants will be installed.
3 schemes for employment and skill.
One month’s allowance will be given in the first job.
The government will give Rs 3000 in PF on a salary of one lakh.
A package of 26 thousand crores has been announced for the road project in Bihar. A power plant worth 21 thousand crores has also been announced in Bihar. Apart from this, Bihar will get financial assistance.
(With inputs from agencies)