Budget 2024 Highlights: Unveiling the Key Points
In a significant development, the Union Budget for 2024 has been presented, outlining the government’s financial roadmap for the coming year. Amidst the plethora of announcements, here are some key highlights that have captured the attention of citizens:
1. Income Tax Slabs Revised:
The government has announced a revision of income tax slabs, providing relief to taxpayers. Starting from the next financial year, the new slabs will be as follows:
* Up to ₹2.5 lakhs: No tax
* ₹2.5 lakhs to ₹5 lakhs: 5%
* ₹5 lakhs to ₹10 lakhs: 10%
* ₹10 lakhs to ₹15 lakhs: 15%
* ₹15 lakhs and above: 20%
2. Increased Defense Allocation:
In a move to bolster national security, the Union Budget has allocated a substantial increase in defense spending. The total allocation for the defense sector stands at ₹5.5 lakh crore, a significant jump from the previous year’s budget.
3. New Infrastructure Projects:
The government has unveiled plans for several ambitious infrastructure projects, including the construction of new highways, railway lines, and airports. These projects aim to enhance connectivity and boost economic growth.
4. Boost for Education and Healthcare:
Recognizing the importance of human capital, the Union Budget has allocated additional funds for education and healthcare. The allocation for education has been increased to ₹1.5 lakh crore, while that for healthcare has been raised to ₹2 lakh crore.
5. Focus on Agriculture:
The budget emphasizes the need to support farmers and boost agricultural productivity. Initiatives include increased subsidies on fertilizers and seeds, as well as investments in research and development.
6. Promotion of Sustainable Energy:
In line with global commitments, the government has allocated substantial funds for the development of renewable energy sources. This includes investments in solar, wind, and hydroelectric projects.
7. Tax Incentives for Startups:
To foster innovation and entrepreneurship, the government has introduced tax incentives for startups. These incentives include tax holidays and easier access to capital.
These are just a few of the key highlights from the Union Budget 2024. Citizens and industry experts alike are eagerly studying the full details of the budget to assess its impact on the economy and the lives of ordinary Indians.
