It was much before the General Elections took place, that the BJP Government at the Centre had formed a Budget committee to come up with a forward looking budget in 2024. Nirmala Sitharaman is presenting her 7th successive budget. The first full budget of the thrid term of the BJP Government at the centre, as per the Prime Minister shall lay the foundation of Viksit Bharat and as he said, will be a stepping stone for the  great leap of Amrit Kaal for India. Here are the updates to the Budget as the Finance Minister reads out her most important document.

Salient Points

• Focus on Employment, Skilling, MSME & Middle Class
• Nine Priorities of the Budget to include:

1. Productivity and Resilience in Agriculture
2. Employment and Skilling
3. Inclusive Human Resource Development and Social Justice
4. Manufacturing & Services
5. Urban Development
6. Energy Security
7. Infrastructure
8. Innovation R&D
9. Next-Gen Reforms.

• Revised Income Tax (New Regime) Slabs
  • ₹0-3 lakh - nil tax
  • ₹3-7 lakh - 5%
  • ₹7-10 lakh - 10%
  • ₹10-12 lakh - 15%
  • ₹12-15 lakh - 20%
  • Above ₹15 lakh - 30%
  • Standard Deduction on Salaried Employees: Rs 75,000
  • Deduction on Family Pension: Rs 25,000

[1] Productivity, Agriculture, Rural

• transforming agriculture research, developing productivity
• promote startups for vegetable supply chain and marketing
• digital public infrastructure for agriculture for coverage of farmers
• release of funds to private sector
• new varities will be released for cultivation
• natural farming - one crore farmers will be initiated into natural farming. 10000 need based bio research centres to be established
• pulses - strategy atma nirbharta for oil seeds, mustard, sesame, sunflower, etc.
• vegetable production and supply chain
• Jan Samarth Kisan Credit cards in Five States
• Shrimp Farming Promotion
• National Cooperation Policy for development of Cooperative Sector - fast tracking and employment

[2] Employment

• Three Schemes - First Times Employees, Employers and Job Creation 
• Five Schemes for facilitate Skilling and Employment
• Internship Scheme for 1 Cr Youth in Top Companies across 5 years
• Women: Skilling programs and workforce participation
• Set up Working Women Hostels
• Loan upto 7.5 lakh with government guarantee
• Employment Incentives: One Month wage Support for First Time Employees
• Reimbursement of PF contribution of Employers upto Rs 3,000 per month for two years for new hires 
• Loan for Higher Education (Up to Rs 10 Lakh)
• 20 lakh youth will be skilled over a 5-year period.
• 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation
• Course content & design aligned as per skill needs of industry.

[3] Human Resource Development and  Social Justice

• Purvodaya Plan for Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh for generation of economic opportunities.
• Schemes benefitting women and girls.
• Improve socio-economic condition of tribal communities covering 63,000 villages benefitting 5 crore tribal people.
• 100 branches of India Post Payment Bank will be set up in the North East region.
• Andhra Pradesh Reorganisation  Act​​​​

[4] Manufacturing and MSME

• Technology Support for MSME
• Credit Guarantee and term loans for MSME in Manufacturing
• Mudra Loan increase from 10 to 20 lakh
• 24 new branches of SIDBI
• Credit Support to MSME during stress period
• MSME Units for Food, Irradiation, Quality and Safety Testing
• Industrial Parks
• Rental Housing for industrial workers (PPP)
• Critical Minerals Mission
• Speed up Insolvency Resolution
• Scheme to provide Internship to 1 cr youth over 5 years in 500 top companies
• Allowances plus one time assistance through CSR

[5] Urban Development

• Lower Stamp Duty for properties purchased by Women
• 100 weekly haats for street food select cities
• Transit Oriented  Development plans for cities with population > 30 Lakh
• Water Management  
• Housing needs will be addressed 
• Regulation of Rental market

[6] Energy Security

• Nuclear Energy initiative with Pvt Sector - setting up Bharat Small Reactors
• R&D of Bharat Small Modular Reactors
• Financial support for micro and small enterprises to shift to greener energy
• Investment Grade Energy Audit in 60 then 100 clusters
• JV between NTPC and BHEL to set up 800MW commercial plant
• Pumped  Storage Policy

[7] Infrastructure

• All weather connectivity to 25,000 rural households
• Rs 1.5 Lakh Cr LT interest free Loan to states
• Provision of Rs 11,11,111 Cr for Infra development
• Incentives and financial support for Irrigation and Flood Mitigation specially in Assam, Sikkim, Uttaranchal
• Reconstruction and rehab in Himachal Pradesh
• Tourism:
  • Vishnupad Temple Corridor and Mahabodhi Temple Corridor
  • development initiative for Rajgir will be undertaken which holds religious significance for Hindus, Buddhists and Jains
  • development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.
  • development of Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches making it an ultimate tourism destination.

[8] Innovation Research and Development

• Research and Prototype development fund
• Private sector-driven research and innovation at commercial scale
• Space Economy: A venture capital fund of ₹1,000 crore is to be set up

[9] Next Gen Reforms

• Bhu-Aadhar (Unique Land Parcel ID Number) for all lands
• Survey of Map as per Ownership
• Linkage to Farmers Registeries
• Land Records to be digitized
• Digitisation of Cadastral maps
• Establishment of Land Registry
• Taxonomy for Climate  Finance
• FDI Overseas Investments in Indian Rupees
• Plan for Contribution by Parents and Guardians for minors
• Improvement of Data Governance and Management of Data
• New Pension Scheme

• Custom Duty exempt on 3 Cancer Medicines
• Reduce BCD to 15% on Mobile Phone, Chargers and PCBA
• Reduce Custom Duty on Gold and Silver (6%) and Platinum (6.5%) 
• Reduce BCD on Shrimp and Fish Feed to 5%
• Capital Goods to mfg Solar Panel and Cells Exempt
• Custom Duty Exempt on 25 Critical Minerals
• Short Term Capital Gain (Financial Assets): 20% Tax
• Long  Term Capital Gain  (All Assets): 12.5% Tax
• Capital Gain on Financial Asset exepmt upto Rs 1 Lakh Per year
• Abolish Angel Tax
• Simpler Tax Regime for Domestic Cruise
• Safe Harbour Rates
• Corporate tax on Foreign  Companies reduced from 40% to 35%