Union Budget 2024-25: Major Tax Reliefs and Development Initiatives by Finance Minister Nirmala Sitharaman
Union Budget 2024-25 Highlights
Tax Relief for Salaried Class
Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs 12.75 lakh annually will not have to pay income tax, aiming to boost savings and consumption.
Focus on Development
The budget emphasizes agriculture, MSMEs, investment, and exports. The 'Prime Minister Dhan-Dhaanya Krishi Yojana' will support 100 low productivity districts, and a 'Mission for Aatmanirbharta in Pulses' will focus on tur, urad, and masoor.
Fiscal and Economic Measures
The fiscal deficit is projected to decrease from 4.8% in FY-25 to 4.4% in FY-26. Credit guarantees for MSMEs will increase from Rs 5 crore to Rs 10 crore. A National Manufacturing Mission will support the 'Make in India' initiative.
Education and Technology
50,000 Atal Tinkering Labs will be established in schools, and a Centre of Excellence in AI will be created with a Rs 500 crore budget.
Support for Gig Workers
Gig workers will receive identity cards, registration on the e-shram portal, and healthcare under PM Jan Arogya Yojana.
Urban Development and Connectivity
An urban challenge fund of Rs 1 lakh crore will be set up, and the Udan scheme will expand to 120 new destinations.
Insurance and Legal Reforms
The FDI limit in insurance will increase to 100%, and the Jan Vishwas bill 2.0 will decriminalize over 100 legal provisions.
Nuclear Energy Mission
A Nuclear Energy Mission with a Rs 20,000 crore budget aims to develop 100 GW of nuclear energy by 2047, with five SMRs operational by 2033.
Opposition's Criticism
Opposition parties criticized the budget for not addressing unemployment and accused the government of neglecting MGNREGA. Congress leader P Chidambaram and Trinamool Congress leader Abhishek Banerjee expressed dissatisfaction.
Doubts Revealed
Union Budget
The Union Budget is a financial plan presented by the government of India every year. It shows how the government plans to earn and spend money for the coming year.
Finance Minister
The Finance Minister is a person in the government who is responsible for managing the country's money. Nirmala Sitharaman is the current Finance Minister of India.
Tax Relief
Tax relief means reducing the amount of money people have to pay as tax. It helps people save more of their earnings.
Salaried Class
The salaried class refers to people who earn a fixed amount of money regularly, usually every month, from their jobs.
Rs 12.75 lakh
Rs 12.75 lakh is a way to say 1,275,000 rupees. In India, 'lakh' is a term used to denote 100,000.
Agriculture
Agriculture is the practice of growing crops and raising animals for food and other products. It is an important part of India's economy.
MSMEs
MSMEs stand for Micro, Small, and Medium Enterprises. These are small businesses that play a big role in providing jobs and boosting the economy.
Prime Minister Dhan-Dhaanya Krishi Yojana
This is a government plan to support farmers and improve agriculture in India. 'Dhan-Dhaanya' means wealth and grains, and 'Krishi Yojana' means agriculture plan.
Aatmanirbharta
Aatmanirbharta means self-reliance. It is about making India more independent by producing more goods within the country.
Pulses
Pulses are a type of crop that includes beans, lentils, and peas. They are an important source of protein in the Indian diet.
Urban Development
Urban development refers to the improvement and growth of cities and towns. It includes building better roads, houses, and facilities for people living in urban areas.
Nuclear Energy
Nuclear energy is a powerful form of energy produced by splitting atoms. It is used to generate electricity and is considered a clean energy source.
Opposition Parties
Opposition parties are political groups that are not in power. They often challenge and criticize the government's decisions and policies.
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