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Finance Minister Nirmala Sitharaman on Tuesday (July 23) said the Union Budget 2024-2025 reflects the Centre’s sustained efforts for ‘Viksit Bharat’ (developed India). She announced the prime minister’s package of five schemes for employment, skilling and other opportunities and said the government’s focus is on four major classes – the poor, women, youth and farmers.
“People of India have reinforced their faith in the government led by PM Narendra Modi and re-elected it for the third term. India’s economic growth continues to shine while the global economy is still in the grip of policy uncertainty,” she said, while presenting her seventh consecutive budget, breaking the record of former prime minister Morarji Desai.
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Prime Minister Narendra Modi said “In the last 10 years, 25 crore people have come out of poverty. This budget is for the empowerment of the new middle class. The youth will get unlimited opportunities from this budget. Education and skill will get a new scale from this budget. This budget will give power to the new middle class…This budget will help women, small businessmen, MSMEs…”
The budget not only exemplifies Bharat’s newfound sense of purpose, hope, optimism under Modi govt but also fortifies them, said Amit Shah.
The defense outlay has been set at Rs 4.56 lakh crore, compared to Rs 4.55 lakh crore previously.
#WATCH | Delhi | On Union Budget, TMC MP says Kalyan Banerjee says, “This is a ‘kursi bachao’ budget.” pic.twitter.com/YJ4ocerVAT
— ANI (@ANI) July 23, 2024
Salaried employees in the new tax regime will save up to Rs 17,500 in income tax
Angel tax is levied on the capital raised via the issue of shares by unlisted companies from an Indian investor if the share price of issued shares is seen in excess of the fair market value of the company. The excess realization is considered as income and therefore, taxed accordingly
The Finance Minister stated that the Indian mobile industry has matured and proposed to reduce the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges to 15%.