Skip to main content

Key Highlights of India's Budget 2024

Key Highlights of India's Budget 2024


Economic Overview

- GDP Growth: India aims for a GDP growth rate of around 7% for the fiscal year 2024-2025.

- Fiscal Deficit: Target set at 5.9% of GDP, continuing the path towards fiscal consolidation.

- Inflation: Efforts to keep inflation within the targeted range of 4% with a 2% margin.

Taxation

- Personal Income Tax: No changes in tax slabs. Standard deduction increased by ₹50,000.

- Corporate Tax: Tax rate remains unchanged. Extension of concessional tax rate of 15% for new manufacturing companies till March 2025.

- Goods and Services Tax (GST): Simplification of GST filing process and measures to curb tax evasion.

Agriculture and Rural Development

- PM-KISAN Scheme: Allocation increased to provide ₹6,000 annually to farmers in three installments.

- Agri Infrastructure: ₹1.5 lakh crore allocated for the development of agricultural infrastructure, including cold storage and warehousing.

- Rural Employment: Enhanced budget for MNREGA to ensure employment for rural households.

Healthcare

- Ayushman Bharat: Expansion of health insurance coverage to more beneficiaries.

- Healthcare Infrastructure: ₹70,000 crore allocated for building new hospitals and upgrading existing ones, especially in rural areas.

- Telemedicine: Promotion of telemedicine services and digital health initiatives.

Education

- NEP Implementation: Continued emphasis on the National Education Policy with a budget increase for educational reforms.

- Digital Education: ₹30,000 crore allocated for the expansion of digital learning tools and infrastructure.

- Research and Development: Boost to R&D with increased funding for higher education institutions.

Infrastructure

- National Highways: ₹1.3 lakh crore allocated for the expansion and maintenance of national highways.

- Railways: Record allocation of ₹2.4 lakh crore for railway infrastructure, modernization, and safety.

- Urban Development: Focus on smart cities and urban housing with a budget of ₹1 lakh crore.

Industry and Commerce

- MSME Support: ₹50,000 crore allocated for the promotion and support of Micro, Small, and Medium Enterprises (MSMEs).

- Start-up Ecosystem: Tax incentives and funding support for start-ups and innovation hubs.

- Ease of Doing Business: Further simplification of regulatory frameworks to boost business activities.

Social Welfare

- Women Empowerment: Increased funding for women-centric schemes, including skill development and entrepreneurship programs.

- Social Security: Expansion of social security nets for unorganized workers and senior citizens.

- Housing for All: Continued push for affordable housing with an increased allocation for the Pradhan Mantri Awas Yojana.

Environment and Sustainability

- Renewable Energy: ₹40,000 crore allocated for the promotion of renewable energy projects.

- Electric Vehicles: Incentives for the adoption of electric vehicles and expansion of EV infrastructure.

- Climate Action: Commitment to achieving net-zero emissions with focused investments in green technologies.

Defense and Security

- Defense Budget: Significant increase in defense spending with a focus on modernization and indigenous production.

- Internal Security: Enhanced budget for internal security and modernization of police forces.

Digital Economy

- Digital Infrastructure: ₹20,000 crore allocated for expanding digital infrastructure and connectivity.

- Cybersecurity: Increased funding for cybersecurity measures and protection of digital assets.

- E-Governance: Continued emphasis on e-governance and digitization of government services.


What Became Cheaper and Costlier After India's Budget 2024

Cheaper

- Electric Vehicles (EVs): Reduced GST on EVs and EV components to promote green transportation.

- Solar Panels and Equipment: Lower import duties on solar panels and related equipment to encourage renewable energy adoption.

- Certain Medical Devices: Reduction in customs duties on specific medical devices to make healthcare more affordable.

- LED Lights and Energy-Efficient Appliances: Reduced taxes to promote energy conservation and efficiency.

- Basic Food Items: Lower GST on essential food items like cereals and pulses to reduce the cost of living.

- Education Services: Tax incentives for online education platforms and vocational training institutes to make education more accessible.


Costlier

- Luxury Goods: Increased taxes on luxury items such as high-end electronics, imported cars, and branded apparel.

- Tobacco Products: Higher excise duties on cigarettes, tobacco, and related products to curb consumption and boost public health.

- Alcohol: Increased excise duties on alcoholic beverages to generate additional revenue and discourage excessive consumption.

- Imported Electronics: Higher import duties on certain electronic goods to promote domestic manufacturing under the Make in India initiative.

- Sugar-Sweetened Beverages: New taxes on sugary drinks to address public health concerns related to obesity and diabetes.

- Plastic Products: Higher taxes on single-use plastics to promote environmental sustainability and reduce plastic waste.

These adjustments reflect the government's priorities in promoting sustainable practices, health, and domestic production while discouraging the consumption of non-essential and harmful goods.


Additional Areas for Consideration in India's Budget 2024

Analytical Perspective

Public Health and Safety

- Pandemic Preparedness: Establishment of a dedicated fund for future pandemic preparedness, including stockpiling essential medical supplies and vaccines.

- Mental Health: Increased allocation for mental health services and awareness campaigns to address the growing mental health crisis.

Innovation and Technology

- Artificial Intelligence: Investment in AI research and development to drive innovation and create new job opportunities.

- Blockchain Technology: Funding for exploring blockchain applications in governance, finance, and supply chain management.

Education and Skill Development

- Teacher Training: Enhanced funding for teacher training programs to improve the quality of education.

- Vocational Training: Expansion of vocational training institutes to equip youth with industry-relevant skills.

Housing and Urban Development

- Affordable Rental Housing: Introduction of schemes to promote affordable rental housing in urban areas.

- Smart City Integration: Increased funding for integrating smart technologies in more cities beyond the current smart city initiatives.

Environmental Sustainability

- Water Conservation: Greater emphasis on water conservation projects, including rainwater harvesting and watershed management.

- Biodiversity Conservation: Increased funding for the conservation of biodiversity hotspots and endangered species.

Transportation

- Public Transport: Investment in expanding and modernizing public transport systems in major cities to reduce congestion and pollution.

- Electric Vehicle Infrastructure: Further development of EV charging infrastructure and incentives for EV adoption.

Agriculture and Food Security

- Organic Farming: Promotion of organic farming practices through subsidies and training programs.

- Food Processing Industry: Increased investment in the food processing industry to reduce post-harvest losses and create value-added products.

Financial Inclusion

-Microfinance: Expansion of microfinance initiatives to provide financial services to the unbanked and underbanked populations.

- Digital Payments: Further promotion of digital payments and financial literacy programs to enhance financial inclusion.

Social Welfare and Inclusion

- Disability Support: Increased funding for services and infrastructure to support people with disabilities.

- Old Age Care: Development of programs and facilities for the elderly, including healthcare and social support systems.

Governance and Administration

- Public Sector Reforms: Implementation of reforms to improve the efficiency and transparency of public sector enterprises.

- Decentralization: Increased funding and autonomy for local governments to address regional and local issues effectively.

Research and Development

- Scientific Research: Enhanced funding for scientific research and innovation across various disciplines.

- Collaborative R&D: Encouraging collaboration between public institutions and private sector for joint research initiatives.

Disaster Management

- Resilience Building: Investment in building disaster-resilient infrastructure, particularly in areas prone to natural calamities.

- Early Warning Systems: Development and enhancement of early warning systems for natural disasters.

Tourism and Culture

- Cultural Preservation: Increased funding for the preservation and promotion of cultural heritage sites.

- Eco-tourism: Promotion of eco-tourism initiatives to boost sustainable tourism practices.

Digital Governance

- Cybersecurity Workforce: Investment in training a cybersecurity workforce to protect national digital infrastructure.

- E-Government Services: Expansion of e-government services to rural and remote areas to enhance accessibility and efficiency.


The Budget 2024 focuses on inclusive growth, infrastructure development, digital transformation, and sustainability, aiming to build a robust and resilient economy for the future.To create a more comprehensive and balanced budget, these additional areas should be considered, focusing on long-term sustainability, inclusivity, and resilience. This approach will ensure holistic development and address both current challenges and future needs.

Comments

Popular posts from this blog

पुल जो छोड़ गया हमारा साथ, कानपुर की पहचान

  पिछले दिनों कानपुर का 150 साल पुराना गंगापुल टूट गया। इस पुल पर से कई बार गुजरे हैं। अनेक यादें जुड़ी हैं। पुल गिरने की खबर मिलने पर देखने गए पुल। शहर होते हुए घर से दूरी 15 किलोमीटर। गंगाबैराज की तरफ़ से जाते तो दूरी 23 किलोमीटर दिखा रहा था। समय लगभग बराबर। शहर होते हुए गए। जहां से पुल शुरू होता है वहीं पर गाड़ी सड़क किनारे ही खड़ी कर दी। रेती में पुल के नीचे -नीचे चलते हुए उस हिस्से की तरफ़ गए जो हिस्सा टूटा था।  पुल का टूटा हुआ हिस्सा नदी के पानी में धराशायी सा लेटा  था। क्या पता वह गाना भी गा रहा हो -'कर चले हम फ़िदा जान-ओ-तन साथियों, अब तुम्हारे हवाले ये जगह साथियों।' पुल के आसपास पक्षी तेज आवाज़ में चहचहाते हुए शायद पुल के बारे में ही चर्चा कर रहे थे। एक दूधिया अपने दूध के कनस्तर पानी में धोकर रेती में औंधाए रखकर गंगा स्नान कर रहा था। स्नान करके नदी से निकलते हुए एक बुजुर्ग को नदी किनारे निपटते देखकर भुनभुनाते हुए कहने लगा -' यह भी नही कि गंगाजी से ज़रा दूर होकर निपटें। एकदम किनारे ही गंदगी करने बैठ गए।' उसके भुनभुनाने के अन्दाज़ से लग रहा था कि उसकी मंशा केवल ख...

Navigating the Age of Fake News, Post-Truth, and Scams: A Guide to Staying Safe and Informed

Navigating the Age of Fake News, Post-Truth, and Scams: A Guide to Staying Safe and Informed In today’s digital age, the proliferation of information is both a blessing and a curse. While we have unprecedented access to news and data, we also face the growing challenge of fake news, post-truth narratives, and an ever-evolving landscape of scams. These issues are not just abstract problems; they have real-world consequences, leading to confusion, panic, and even violence. In this blog, we’ll explore the concepts of fake news, post-truth, and the current scams trending globally and in India. We'll also discuss how to protect yourself from falling prey to misinformation and fraud. Understanding Fake News and Post-Truth Fake News refers to the deliberate spread of misinformation or false information presented as news. This can take many forms, from outright fabrications to misleading headlines, photos, or videos taken out of context. The goal is often to manipulate public opinion, gene...

The iPhone 15: What’s New, What’s Changed, and What to Expect

The iPhone 15: What’s New, What’s Changed, and What to Expect Apple’s newest flagship, the iPhone 15, has finally arrived, and as always, it has generated excitement among tech enthusiasts and Apple loyalists alike. With each new iPhone release, Apple introduces fresh innovations, better performance, and subtle design tweaks. But what exactly sets the iPhone 15 apart from its predecessors? Let’s dive into its standout features, key updates, and what to expect from this highly anticipated device. 1. Design: Refinement with Familiarity The iPhone 15 continues with the sleek, premium design language Apple is known for but with subtle refinements. The flat-edge design, which was reintroduced with the iPhone 12, has been further refined to feel even more comfortable in the hand.  One of the most notable changes is the USB-C port, a long-awaited shift from the Lightning connector. This move aligns with the European Union’s directive for standardized charging ports, and it also brings fas...

Women Safety: A Global and Indian Perspective

Women Safety: A Global and Indian Perspective Women safety is a critical issue that resonates deeply across the globe, with the need for enhanced protection against crimes such as rape, domestic violence, sexual harassment, and trafficking. The concern for women's safety is not confined to one region but is a universal issue that demands attention, especially in countries like India, where incidents of violence against women continue to dominate headlines. Understanding the Global Scenario Globally, violence against women is a pervasive and deeply entrenched issue. According to the World Health Organization (WHO), 1 in 3 women worldwide has experienced either physical or sexual intimate partner violence or non-partner sexual violence in their lifetime. The problem transcends cultural, economic, and geographic boundaries, affecting women of all ages, races, and backgrounds. Rape and Sexual Violence: In many countries, rape is among the most underreported crimes. Societal stigma, fea...

The Trolling Culture: A Digital Plague on Society

 The advent of social media has brought revolutionary changes in communication, enabling people to connect and share ideas globally. However, it has also given rise to a darker trend: trolling. Trolling culture, the act of provoking, insulting, or harassing individuals online for amusement or malice, has become a pervasive issue. Coupled with hate speech, it contributes to a toxic online environment with widespread societal repercussions. Understanding Trolling Culture Trolling often starts as a joke or an attempt to incite reactions. Trolls thrive on anonymity, using it to spread insults, misinformation, and hate. Over time, trolling has evolved from harmless pranks to deeply problematic behaviors, including targeted harassment and cyberbullying. High-profile figures, activists, and even ordinary users have found themselves at the receiving end of trolling campaigns, often resulting in severe mental health impacts. The Effects of Trolling on Society Mental Health Crisis : ...