Budget Session 2024: Key highlights of Modi 3.0's first budget

Nirmala Sitharaman with red `Bahi Khata`/ Pallav Paliwal

Union Finance Minister Nirmala Sitharaman broke former Prime Minister Morarji Desai's record by presenting the seventh consecutive budget. Sitharaman, clad in an off-white saree for her seventh budget presentation, said that the budget 2024 envisages sustained efforts on nine priorities for generating ample opportunities for all. The Budget's 9 priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms, she added.

Presenting the Union Budget 2024, FM Sitharaman said the government is undertaking a comprehensive review of research to develop climate-resilient seeds and added that in the next two years, one crore farmers will be initiated in natural farming.

The FM added that the implementation of various schemes announced in the interim budget in February is still underway.

Here are key highlights of Budget 2024:

• Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore, says FM
• FM lists out a roadmap to pursue nine priorities for India's opportunity
• Energy Security will be one of the Nine Priorities
• FM Sitharaman says one-month salary support to enterprises for first-time employees
• 1 crore farmers to be initiated into natural farming over 2 years
• Budget for FY25 to provide Rs 1.48 lakh crore for education and employment and skill, said FM Sitharaman in her Budget presentation.
• Govt will undertake a comprehensive review of research to develop climate-resilient seeds
• In the next 2 years, one crore farmers will be initiated in natural farming
• Large-scale vegetable production clusters would be promoted to increase production
• Govt in partnership with states will promote digital public infra for agriculture
• Govt will bring a National Cooperation Policy for overall development
• Government to strengthen production, storage and marketing of pulses
• Fast-tracking growth of the rural economy and employment opportunities will be a policy goal
• Govt will provide finance for shrimp farming and marketing
• Rs 3 lakh crore for schemes benefitting women and girls
• More than 100 branches of India Post Payment Bank to be set up in the North East region
• Completion of the Polavaram Irrigation Project to ensure food security of the nation
• Govt to launch three employment-linked schemes: FM Sitharaman.
• Govt to provide an incentive to 30 lakh youth entering the job market by providing 1 month PF contribution:
• Govt to provide funds to private sector, domain experts & others for developing climate-resilient seeds: FM Sitharaman.
• Govt to set up working women hostels to promote women participation in workforce: FM in Budget
• Govt will release new 109 high yielding, climate-resilient seeds for 32 field and horticulture crops
• New centrally-sponsored scheme for skilling in collaboration with states, and industry; 20 lakh youth to be skilled over 5 year
• The model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh
• Govt to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions
• Govt to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount
• Govt to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions
• Will formulate plan Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh
• Will support industrial corridor for development in eastern region, says FM
• Investment-ready "plug and play" industrial parks to be developed in or near 100 cities
• 12 industrial parks sanctioned under National Industrial Corridor Development Programme
• 14 large cities with a population above 30 lakh will have Transit Oriented Development plans
• 1 crore urban poor and middle-class families to be covered under #PMAwasYojana Urban 2.0
• 100 weekly ‘haats' or street food hubs in select cities

• The Finance Minister announced that long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.

• The NPS Vatsalya programme is made available for parents to invest in on behalf of their children by FM Nirmala Sitharaman. The account may be passed to the child after they reach adulthood.
• The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.
• The Finance Minister announced a proposal to increase the duty on printed circuit board assemblies (PCBA) for specific telecom equipment by 10 to 15%.
• Government to exempt three more medicines for cancer treatment from customs duty
• Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%
• The Finance Minister stated that the Indian mobile industry has matured and proposed to reduce the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges to 15%.
• Rs 2.66 lakh crore has been allocated for rural development, including rural infrastructure. She also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areas
• GST has significantly reduced tax incidents for the common man and eased compliance for industry, marking a success of vast proportions. To further enhance the benefits of GST, we will strive to rationalize the tax structure.
• The development of small and modular nuclear reactors in the country, FM Sitharaman says, "The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy..."
• The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.
• The Finance Minister announced that states charging high stamp duty will be encouraged to moderate their rates for all. Additionally, further reductions in duties for properties purchased by women will be considered. These measures will also be incorporated as essential components of urban development schemes.
• The Finance Minister highlighted the focus on energy security, announcing that a policy document on energy transition pathways will be released, emphasizing employment and sustainability. The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households. The initiative has already seen 1.28 crore registrations and 14 lakh applications, which is a remarkable achievement.
• The Finance Minister proposed supporting the development of corridors at Vishnupad Temple and Mahabodhi Temple, following the model of the Kashi Vishwanath Temple. Additionally, the government will back the development of Nalanda in Bihar as a tourist centre. Finance Minister Sitharaman also announced that an economic policy framework will be introduced to usher in next-generation reforms aimed at boosting economic growth. Furthermore, the government will provide assistance to Odisha for the development of tourism, as stated by the FM in Lok Sabha."
• Phase 4 of the PM Gram Sadak Yojana will be launched to provide all-weather roads to 25,000 rural habitats
• Comprehensive development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor will be supported