In her 83-minute Budget 2024 speech highlights, Finance Minister Nirmala Sitharaman outlined a comprehensive plan focused on creating ample opportunities across various sectors, from employment and energy security to next-generation reforms.
Speech Highlights
Draped in an elegant off-white Mysore silk saree with a purple and golden border, Sitharaman began her address by saying, “Hon’ble Speaker, I present the Budget for 2024-25,” as she opened her tablet PC, wrapped in a red ‘bahi-khata’ style pouch.
She expressed gratitude to the people of India for re-electing the government led by Prime Minister Narendra Modi for a historic third term. “We are grateful for their support, faith, and trust in our policies. We are determined to ensure that all Indians, regardless of religion, caste, gender, and age, make substantial progress in realizing their life goals and aspirations,” she said.
Sitharaman highlighted the government’s focus on four key groups: the poor (‘Garib’), women (‘Mahilayen’), youth (‘Yuva’), and farmers (‘Annadata’). She mentioned the recent announcement of higher minimum support prices for major crops and the extension of the Pradhan Mantri Garib Kalyan Anna Yojana for five years, benefiting over 80 crore people.
The full budget places significant emphasis on employment, skilling, MSMEs, and the middle class. Sitharaman announced a package of five schemes and initiatives aimed at facilitating employment and skilling opportunities for 4.1 crore youth over five years, with a central outlay of Rs 2 lakh crore. Additionally, the government has allocated Rs 1.48 lakh crore for education, employment, and skilling.
Sitharaman stated, “The people have given a unique opportunity to our government to take the country on the path of strong development and all-round prosperity.” She emphasized that this budget continues the efforts set out in the interim budget, focusing on nine priorities: Productivity and Resilience in Agriculture; Employment & Skilling; Inclusive Human Resource Development and Social Justice; Manufacturing & Services; Urban Development; Energy Security; Infrastructure; Innovation, Research & Development; and Next Generation Reforms.
The treasury benches welcomed these announcements with enthusiastic applause, while the opposition voiced strong disapproval, particularly of the measures benefiting Bihar and Andhra Pradesh. Opposition members chanted slogans like ‘Sarkar ko bachane wala budget’ and ‘sarkar bachao’, ‘kursi bachao’ budget in protest.
Sitharaman’s presentation marks her seventh straight Budget, surpassing former prime minister Morarji Desai’s record. It is also the first Budget during Prime Minister Narendra Modi-led government’s third term in office.
Disasters may occur for a short period of time, but their impact haunts us for years. Last year, Dev Bhoomi Himachal Pradesh experienced one of the worst disasters in its history. Today, Finance Minister Smt. Nirmala Sitharaman ji announced aid to Himachal Pradesh, where the central government will provide assistance to the state for reconstruction and rehabilitation through multilateral development assistance
– Union Minister-BJP national president JP Nadda
Kiran Mazumdar Shaw Highlights Positive Economic Indicators
Kiran Mazumdar Shaw, the Executive Chairperson of Biocon Limited, has praised the Union Budget presented by Finance Minister Nirmala Sitharaman. She noted that the budget builds on the government’s pre-election Interim Budget, showing positive signs for India’s economic growth and development. Shaw highlighted the abolition of the ‘angel tax’ as a significant boost for the start-up ecosystem, which is expected to spur investments. Additionally, the focus on ‘ease of doing business’ is set to benefit Medium Small Micro Enterprises (MSMEs). The emphasis on research and innovation, particularly in agritech and industrial research, along with the allocation of a Rs 1 lakh crore financial pool for private sector-driven research and innovation at a commercial scale, was also welcomed by Shaw.
Budget’s Key Highlights
- Positive Economic Indicators: Kiran Mazumdar Shaw notes the budget’s positive impact on economic growth and development.
- Inclusive Budget: SBI Chief Dinesh Khara states that the budget will help boost consumption growth.
- Equitable Funding: Nirmala Sitharaman emphasizes that the Modi government provides funds to all states without discrimination.
- Protests Scheduled: INDIA Alliance MPs plan to protest the Union Budget 2024 tomorrow.
- Tax Deduction Increase: The government proposes to increase the tax deduction on family pensions for pensioners from Rs 15,000 to Rs 25,000.
- Focus on Job Creation and Skilling: FICCI President says the budget emphasizes quality job creation and skilling.
- Tax Savings: Salaried employees under the new tax regime can save up to Rs 17,500 annually.
- Women and Girls’ Allocation: Over Rs 3 lakh crore has been allocated for women and girls.
- Boycott Announcement: Tamil Nadu Chief Minister Stalin announces his boycott of the NITI Aayog meet on July 27.
- Gold Import Duty Cut: Piyush Goyal states that the cut in gold import duty will help reduce smuggling.
- Empowering the Middle Class: Prime Minister Modi says the budget empowers the middle class and paves the way for ‘Viksit Bharat’.
- Regional Impact: What the Union Budget 2024 means for Assam, Sikkim, and Manipur.
- Addressing Angel Tax Concerns: Nirmala Sitharaman addresses the long-time industry concern regarding the UPA-II era’s Angel Tax.
Increased Standard Deduction
Finance Minister Nirmala Sitharaman has announced a significant boost for taxpayers opting for the New Tax Regime in Budget 2024. The standard deduction has been increased from Rs 50,000 to Rs 75,000, offering greater relief to taxpayers.
New Income Tax Slabs
Sitharaman introduced new income tax slabs under the New Tax Regime:
| Income Range (Rs) | Tax Rate |
|---|---|
| Up to 3,00,000 | Nil |
| 3,00,001 to 7,00,000 | 5% |
| 7,00,001 to 10,00,000 | 10% |
| 10,00,001 to 12,00,000 | 15% |
| 12,00,001 to 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Cheaper Gold, Silver, and Platinum
To the delight of the gems and jewellery industry, Sitharaman proposed a reduction in the basic customs duty on gold and silver to 6% and on platinum to 6.4%. This move is expected to lower the prices of these precious metals, making gold jewellery, a popular asset in India, more affordable. The prices of silver and platinum jewellery are also anticipated to drop.
Lower Mobile Phone Prices
In a bid to make mobile phones and accessories more affordable, the Finance Minister announced a reduction in the basic customs duty on mobile phones and mobile chargers to 15%. This is likely to lead to lower prices for mobile phones and their accessories.
Boost for Electric Vehicles
Sitharaman also announced an import duty exemption for 25 critical minerals, including lithium, which is essential for making electric vehicle batteries. This initiative is part of India’s strategy to secure lithium supplies and is expected to reduce the cost of electric vehicles over time.
How to Download the Budget 2024 PDF
To access the full details of the Union Budget 2024, follow these steps to download the PDF:
1. Visit the Official Website: Go to the official website of the Ministry of Finance or the Government of India’s budget portal.
2. Navigate to the Budget Section: Look for the ‘Budget 2024’ section on the homepage or the navigation menu.
3. Select the PDF Download Option: Find the link that allows you to download the PDF version of the Budget 2024 document.
4. Click to Download: Click on the download link. The PDF will start downloading to your device.
5. Save the File: Once the download is complete, save the file to your preferred location on your device for easy access.
Conclusion of the Budget 2024
Finance Minister Nirmala Sitharaman’s Budget 2024 aims to drive India’s economic growth and development with a comprehensive set of measures. The budget includes increased standard deductions, revised income tax slabs, and significant reductions in customs duties on gold, silver, platinum, and mobile phones. Additionally, the emphasis on research and innovation, along with support for the start-up ecosystem and MSMEs, underscores the government’s commitment to fostering an inclusive and robust economic environment. By addressing key areas such as job creation, skilling, and technological advancement, the budget paves the way for a more prosperous and resilient India, while ensuring that the benefits reach all segments of society.
