man honorable speaker I present the budget for 24 25 introduction the people of India have reposed their faith in the government led by honorable prime minister SRI Narendra Modi and reelected it for a historic third term under his leadership we are grateful for their support faith and trust in our policies we are determined to ensure that all Indians regardless of religion cast gender and age make substantial progress in realizing their life goals and aspirations Global context the global economy while performing better than expected is still in the grip of policy uncertainties elevated asset prices political uncertainities and shipping disruptions continue to pose significant downside risks for growth and upside risks to inflation in this context India's economic growth continues to be The Shining exception and will remain so in the years ahead India's inflation continues to be low stable and moving towards the 4% Target Coinflation that is non food and non-fuel currently is 3.1% steps are being taken to ensure supplies of perishable Goods reach markets adequately interim budget as mentioned in the interim budget we need to focus on four major casts namely the garib mahil yua and anad the poor women Youth and the farmer for annadata we announced higher minimum support prices a month ago for all major crops delivering on the promise of at least a 50% margin over over cost pradan mry garib Kalan Anna yoga was extended for 5 years benefiting more than 80 CR people administrative actions for approval and implementation of various schemes announced in the interim budget are well underway the required allocations have been made budget theme turning attention to the full year and Beyond in this budget we particularly focus on employment Skilling msmes and the middle class I'm happy to announce the prime minister's package of five schemes and initiatives to facilitate employment Skilling and other opportunities for 4.1 CR youth over a 5year period with a central outlay of 2 lakh CR rupees I will speak about them shortly while more details may be seen in the anexa this year I've made a provision of 1.48 lakh rupees 14 1.48 lakh CR rupees for education employment and Skilling budget priorities the people have given a unique opportunity to our government to take the country on the path of strong development and an allround prosperity in the interim budget we promis to present a detailed road map for our pursuit of viasit bat in line with the strategy set out in the interim budget this budget envisages sustained efforts on the following nine priorities for generating ample opportunities for all number one productivity and resilience in agriculture number two employment and Skilling number three inclusive human resource development and social justice four manufacturing and Services five Urban Development six energy security 7 infrastructure eight Innovation research and development and nine Next Generation reforms subsequent budgets will build on these and add more priorities and actions a more detailed formulation will be carried out as part part of the economic policy framework about which I will speak later in this speech this budget details some of the specific actions to be initiated in the current year towards fulfillment of these priorities with potential for transforma changes the budget also covers some of the previously made announcements with intent to strengthen them and step up their implementation for Expediting our journey towards the goal of viasit bat Priority One productivity and resilience in agriculture transforming agricultural research our government will undertake a comprehensive review of the research agricultural research setup to bring the focus on raising productivity and developing climate resilient varieties funding will be provided in challenge mode including to the private sector domain experts both from the government and outside will oversee the conduct of such research release of new varieties new9 High yielding and climate resilient varieties of 32 field and and Horticultural crops will be released for cultivation by Farmers natural farming in the next 2 years 1 CR Farmers across the country will be initiated into natural farming supported by certification and branding implementation will be through scientific institutions and willing GR pchs 10,000 need-based bio input Resource Centers will be established missions for pulses and oil seeds for achieving self-sufficiency in pulses and oil seeds we will strengthen their production storage and marketing as announced in the interim budget a strategy is being put in place to achieve atbara for all oil seeds such as mustard groundnut Sesame soybean and sunflower vegetable production and Supply chains large scale clusters for vegetable production will be developed closer to Major consumption centers we will promote farmer producer organizations cooperatives and startups for vegetable Supply chains including for collection and storage and marketing digital public infrastructure for agriculture void by the success of the pilot project our government in partnership with the states will facilitate the implementation of the digital public infrastructure in agriculture for coverage of farmers and their lands in three years during this year digital crop survey for karif using the DPI will be taken up in 400 districts the details of six CR farmers and their lands will be brought into the farmer and land Registries further the issuance of J Sam based kissan credit cards will be enabled in five states shrimp produ tion and Export financial support for setting up a network of nucleus breeding centers for shrimp brood stocks will be provided financing for shrimp farming processing and Export will be facilitated through nabad National cooperation policy our government will bring out a national cooperation policy for systematic orderly and all around de development of the Cooperative SEC sector FASTT tracking growth of rural economy and generation of employment opportunities on a large scale will be the policy goal this year I have made a provision of 1.52 lakh CR rupees for agriculture and Allied sectors priority two employment and Skilling employment linked incentive our government will Implement following three schemes for employment linked incentive as part of the prime minister's package these will be based on enrollment in the epfo and focus on recognition of firsttime employees and support to employees and employers scheme a first timers this scheme will provide one month wage to all persons newly entering the workforce in all formal sectors direct benefit transfer of one month salary in three installments to firsttime employees as registered in the epfo will be up to 15,000 rupees the eligibility limit will be a salary of 1 lakh per month the scheme is expected to benefit 210 laak youths scheme B job creation in manufacturing this scheme will incentivize additional employment in the manufacturing sector linked to the employment of firsttime employees an incentive will be provided at specified scale directly both to the employee and the employer with respect to the epfo contribution in the first four years of employment the scheme is expected to benefit 30 lakh youth entering employment and their employers scheme C support to employers this employer Focus scheme will cover additional employment in all sectors all additional employment within a salary of 1 lakh rupee per month will be counted the government will reimburse to employers up to 3,000 rupees per month for 2 years towards the epfo contribution for each additional employee the scheme is expected to incentivize additional employment of 50 lakh persons participation of women in the workforce we will facilitate higher participation of women in the workforce through setting up of working women hosts in collaboration with industry and establishing crushes in addition the partnership will seek to organize women specific Skilling programs and promotion of Market access for women shg Enterprises Skilling program I'm happy to announc a new centrally sponsored scheme as the fourth scheme under the prime minister's package for Skilling in collaboration with state governments and Industry 20 lakh youth will be skilled over a 5year period 1,000 industrial training Institutes will be upgraded in Hub and spoke arrangements with outcome orientation course content and design will be aligned to the skill needs of industry and new courses will be introduced for emerging needs Skilling loans the model skill loan scheme will be revised to facilitate loans up to 7.5 lakh rupees with a guarantee from a government promoted fund this measure is expected to help 25,000 students every year Education Loans for helping our youth who have not been eligible for any benefit under government schemes and policies I'm happy to announce a financial support for loans up to 10 lakh Rupees for higher education in domestic [Music] institutions e vouchers for this purpose e vouchers for this purpose will be given directly to one lakh students every year for annual interest subvention of 3% of the loan amount priority three inclusive human resource development and social justice saturation approach our government is committed to all around all pervasive and all inclusive development of people particularly Farmers youth women and the poor for achieving social justice comprehensively the saturation approach of covering all eligible people through various programs including those for education and health will be adopted to empower them by improving their capabilities implementation of schemes meant for supporting economic activities by Craftsmen artisans self-help groups scheduled cast scheduled tribe and women entrepreneurs and Street vendors such as the PM vishwakarma PM Swan National livelihood missions and standup India will be stepped up Poria the states in the eastern part of the country are rich in endorsments and have strong cultural traditions we will formulate a plan Pura for all round for the all round development of the Eastern region of the country covering Bihar jarand West Bengal odisha and Andra Pradesh this will cover human resource development infrastructure and generation of economic opportunities to make the region an engine to attain viasit Barat on the Kolkata industrial Corridor we will support development of an industrial node at GAA this Corridor will catalyze Industrial Development of the Eastern region the industrial node at GAA will also be a good model for developing our ancient centers of cultural importance into future centers of modern economy this model shall showcase vikas b vasat b in a growth trajectory we will also support development of Road connectivity projects namely one Patna Pia Expressway two buar bagalpur Expressway three bodaya rajar Vali and dabanga Spurs and four additional two-lane Bridge over River ganga at buxer at a total cost of 26,000 CR rupees power projects including setting up of a new 2,400 megawatt power plant are at P peny will be taken up at a cost of 21,400 CR rupees new airports medical colleges and sports infrastructure in Bihar will be constructed an additional allocation to support Capital investments will be provided the requests of Bihar government for external assistance from multilateral development banks will be expedited Andra Pradesh reorganization act our government has made concerted efforts to fulfill the commitments in Andhra Pradesh reorganization act re recognizing recognizing the state's need for Capital recognizing a recognizing the state's need for a capital we will facilitate special financial support through multilateral development agencies in The Current financial year 15,000 CR rupees will be arranged with additional amounts in future years [Applause] our government is fully committed to financing and early completion of the poam irigation project which is the lifeline which is the lifeline for Andra Pradesh and its Farmers this will facilitate our country's food security as well under the act under the ACT Andra Pradesh reorganization act for promoting Industrial Development funds will be provided for essential infrastructure such as water power Railways and roads in koperti node on the vishakapatnam Chennai industrial Corridor and wakal node on on the Hyderabad bengalore industrial Corridor an additional allocation will be provided this year towards capital investment for economic growth grants for backward regions of rasima prakasham North Coastal Andra as stated in the ACT will be provided PM AAS yena 3 CR additional houses under the PM AAS yen in rural and urban areas in the country with have been announced for which the necessary allocations are being made women Le development for promoting women L development the budget carries an allocation of more than three lakh CR for schemes benefiting women and girls the signals this signals our government's commitment for enhancing women's gr role in Economic Development pradan janja gr Aban for improving the socioeconomic condition of tribal communities we will launch the pradhanmantri janjati unat gr Aban by adopting saturation coverage for tribal families in tribal majority Villages and aspirational districts this will cover 63,000 Villages benefiting 5 CR tribal people Bank branches in northeastern region more than 100 branches of India post payment bank will be set up in the Northeast region to expand the banking services this year I have made a provision of 2.66 lakh CR rupees for Rural Development including rural infrastructure priority four manufacturing and services support for promotion of msmes this budget provides special attention to msmes and Manufacturing particularly labor intensive manufacturing we have formulated a package covering financing regulatory changes and Technology support for msmes to help them grow and also compete globally as mentioned in the interim budget I'm happy to announce the following specific measures credit guarantee scheme for msmes in the manufacturing sector for facilitating term loans to msmes for purchase of machinary and Equipment without collateral or third party guarantee a credit guarantee scheme will be introduced the scheme will operate on pooling of credit risks of such msmes a separately constituted self- financing guarantee fund will provide to each applicant guarantee cover up to 100 CR rupees while the loan amount may be larger the borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reducing loan balance new assessment model for msme credit public sector banks will build their own inhouse capability to assess mmes for credit instead of relying on external assessment they will also take a lead in developing or getting developed a new credit assessment model based on the scoring of digital Footprints of the msmes in the economy this is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or or turnover criteria that will also cover msmes without a formal accounting system credit support to msmes during stress period I'm happy to announce a new mechanism for facilitating continuation of bank credit to msmes during their stress period while being in special mention account SMA account SMA stage for reasons beyond their control msmes need credit to continue their business and to avoid getting into the NPA stage credit availability will be supported through a guarantee from a government promoted fund mudra loans the limit of mudra loans will be enhanced to 20 lakh from the current 10 lakh for those entrepreneur who have availed and successfully repaid previous loans under the tarun category enhanced scope for mandatory onboarding in treads for facilitating msmes to unlock their working capital by converting their trade receivables Into Cash I propose to reduce the turnover threshold of buyers for mandatory onboarding on the Treads platform from rupe 500 CR to 250 CR rupees this measure will bring 22 more cpsc's and 7,000 more companies onto the platform medium Enterprises will also be included in the scope of the suppliers sidb branches in msme clusters sidb will open new branches to expand and its reach to serve all major msme clusters within 3 years and provide direct credit to them with the opening of 24 such branches this year the service coverage will expand to 168 out of 242 major clusters msme units for food irradiation quality and safety testing financial support for setting up of 50 multi-product food irradiation units in the msme sector will be provided setting up of 100 food quality and safety testing Labs with nabl accreditation will be facilitated Ecommerce export hubs to enable msmes and traditional artisans to sell their products in international markets eCommerce export hubs will be set up in public private partnership mode these hubs under a seamless Regulatory and logistic framework will facilitate trade and Export related Services Under One Roof measures for promotion of manufacturing and services internship in top companies as the fifth scheme under prime minister's package our government will launch a comprehensive scheme for providing internship internship opportunities in 500 top companies to one CR youth in 5 years they will gain they will gain exposure for 12 months to real life business environment varied professions and employment opportunities and internship allowance of 5,000 per month 5,000 rupees per month along with a one-time assistance of 6,000 rupees will be provided companies will be expected to Bear the training cost and 10% of their internship cost from their CSR funds industrial parks our government will facilitate development of investment ready Plug and Play industrial parks with complete infrastructure in or near 100 cities in partnership with the states and private sector by better using town planning schemes 12 industrial parks under the national industrial Corridor development program also will be San [Music] rental housing rental housing with doet type accommodation for industrial workers will be just one minute rental housing I repeat rental housing with doitory type accommodation for industrial workers will be facilitated in PPP mode with vgf support and commitment from Anchor Industries shipping industry ownership Leasing and flagging reforms will be implemented to improve the share of Indian indan shipping industry and generate more employment critical mineral Mission we will set up a critical mineral mission mission for domestic production recycling of critical minerals and overseas acquisition of critical mineral assets its mandate will include technology development skilled Workforce extended producer responsibility um Extended producer responsibility framework and a suitable financing mechanism offshore mining of minerals our government will launch the auction of the first TR of offshore blocks for mining building on the exploration already carried out digital public infrastructure applications turning to the services sector I propose development of DPI applications at population scale for productivity gains business opportunities and Innovation by the private sector these are planned in the areas of credit eCommerce Education Health Law And Justice Logistics MSM Service delivery and urban governance integrated technology platform for IBC ecosystem an integrated technology platform will be set up for improving the outcome comes under the insolvency bankruptcy code for achieving consistency transparency timely processing and better oversight for all stakeholders voluntary closure of llps the services of the center for processing accelerated corporate exit cpce will be extended for voluntary closure of llps to reduce the closure times National company law tribunals the IBC has resolved more than 1,000 companies resulting in direct recovery of 3.3 lakh Crow to creditors 3.3 lakh CR Rupees to creditors in addition 28,000 cases involving over 10 lakh CR rupees have been disposed of even prior to admission appropriate changes to the ibbc reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up insolvency resolution additional tribunals will be established out of those some will be notified to decide cases exclusively under the company's act debt recovery steps for reforming and strengthening debt recovery tribunals will be taken additional tribunals will be established to speed up recovery priority five Urban Development cities as growth hubs working with States our government will facilitate development of cities as growth hubs this will be achieved through economic and Transit planning and orderly development of per urban areas utilizing town planning schemes creative Redevelopment of cities for Creative Brownfield Redevelopment of existing cities with a transformative impact our government will formulate a framework for enabling policies market-based mechanisms and regulation Transit oriented development Transit oriented development plans for 14 large cities with a population above 30 lakh will be formulated along with an implementation and financing strategy Urban housing under the PM AAS yoga Urban 2.0 housing needs of 1 CR Urban poor and middle class families will be addressed with an investment of 10 lakh CR rupees this will include the central assistance of two 2.2 lakh CR rupees in the next 5 years a provision of Interest subsidy to facilitate loans at affordable rates is also envisaged in addition enabling policies and regulations for efficient and transparent rental housing transparent rental housing markets with enhanced availability will also be put in place water supply and sanitation in partnership with State uh governments and multilateral development Banks we will promote water supply sewage treatments and Solid Waste Management projects and services for 100 large cities through bankable projects these projects will also envisage uses use of treated water for irrigation and filling up of tanks in nearby areas Street Markets building on the success of PM Swan PMI scheme in transforming the lives of Street vendors our government envisions a scheme to support each year over the next 5 years the development of 100 weekly hearts or street food hubs in select cities stamp Duty we will encourage states which continue to charge High stamp duty to moderate the rates for all and all and also consider further lowering duties for properties purchased by women this reform will be made an essential component of Urban Development schemes priority six energy security energy transition in the interim budget I had announced our strategy to sustain high and more resource efficient economic growth along with the energy Security in terms of availability accessibility and affordability we will bring out a policy document on appropriate energy transition Pathways that balances the imperatives of employment growth and environmental sustain ability P PM suar mu b y PM suar m b y in line with the announcement in the interim budget in line with the announcement in the interim budget PM suar mu b y has been launched to install rooftop solar plants to enable to enable 1 CR households obtain free electricity up to 300 units every month the scheme has generated remarkable response with more than 1.28 CR registrations and 14 lakh applications and we will further encourage it pumped storage policy a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable and intermittent nature in the overall Energy Mix research and development of small and modular nuclear reactors nuclear energy is expected to form a very significant part of the energy mix for bat towards that Pursuit our government will partner with the private sector for one setting up bat small reactors two research and development of bat small modular reactor and three research and development of new newer Technologies for nuclear energy the R&D funding announced in the interim budget will be made a available for this sector also Advanced ala Advanced Ultra super critical thermal power plants the development of indigenous technology for advanced Ultra super critical thermal power plants with much higher efficiency has been completed a joint venture between ntpc and bhe will set up a fullscale 800 megawatt commercial plant using a USC technology the government will provide the required fiscal support moving forward development of indigenous capacity for the production of high-grade Steel and other Advanced Metallurgy materials for these plants will result in strong spin-off benefits for the economy road map for hard to Abate Industries a road map for moving the hard to Abate industries from Energy Efficiency targets to emission targets will be formulated appropriate regulations for transition of these industries from the current perform achieve and trade mode to Indian carbon Market mode will be put in place support to traditional micro and small Industries an investment grade energy audit of traditional micro and small Industries in 60 clusters including brass and ceramic will be facilitated financial support will be provided for shifting them to cleaner forms of energy and implementation of Energy Efficiency measures this scheme will be replicated in another 100 clusters in the next phase priority seven infrastructure investment by central government significant investment the central government has made over the years in building and improving infrastructure has had a strong multiplier effect on the economy we will endeavor to maintain strong fiscal support for infrastructure over the next 5 years in conjunction with imperatives of other priorities and fiscal consolidation this year I have provided 11 lakh 11,111 CR rupees for capital expenditure this would be 3.4% of our GDP infrastructure investment by state governments we will encourage states to provide support of similar scale for infrastructure subject to their development priorities a provision of 1.5 lakh CR rupees for long-term interest free loans have been made this year also to support the states in their resource allocation private investment in infrastructure investment in infrastructure by private sector will be promoted through viability Gap funding and enabling policies and regulations a market-based financing framework will be brought out pradan mry gr sadak yena phase four of the pmgsy will be launched to provide all weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase irrigation and flood mitigation Bihar has frequently suffered from floods many of them originating outside the country plans to build flood controll structures in Nepal are yet to progress our government through through the accelerated irrigation benefit program and other sources will provide financial support for projects with estimated cost of 11,500 CR rupees such as the COI Mei intrastate link and 20 other ongoing and new schemes including bares River pollution abatement and irrigation projects in addition survey and investigation of COI related flood mitigation and irrigation projects will be undertaken Assam Assam grapples with floods every year by the brahmaputra river and its tributaries originating outside India we will provide assistance to Assam for flood management and and related projects Himachal Pradesh suffered extensive losses due to floods last year our government will provide assistance to the state for reconstruction and Rehabilitation through multilateral development assistance [Music] utarak utarak to suffered losses due to Cloud bursts and massive landslides we will provide assistance to the state recently sikim witnessed devastating flash floods and landslides that red Havoc across the state our government will provide assistance to the state tourism tourism has always been tourism has always been a part of our civilization our efforts in positioning India as a global tourist destination will also create jobs stimulate Investments and unlock economic opportuni for other sectors in addition to the measures outlined in the interim budget I propose the following measures vishnupad Temple at GAA and mahabodhi Temple at B Gaya in biar are of immense spiritual significance comprehensive development of vishnupad Temple Corridor and mahabodhi Temple Corridor will be supported modeled on the successful Kashi vishwanath Temple Corridor to transform them into world class Pilgrim and tourist destinations rajar rajar holds immense religious significance for Hindus Buddhists and James the 20th tankara Muni suar temple in the Jane complex Jane Temple complex is ancient the sapta Rishi or the seven Hot Springs form a warm water brumund that is sacred a comprehensive development Initiative for Raj here will be undertaken our government will support the development of nalanda as a tourist center besides Reviving nalanda diversity to its glorious stature orisa's Scenic Beauty odisha's Scenic Beauty temples monuments craftsmanship wild wildlife sanctuaries natural landscapes and pristine beaches make it an ultimate tourism destination our government will provide assistance for their development to odisa as well priority eight Innovation research and development we will op operationalize the anusandhan national research fund for basic research and prototype development further we will set up a mechanism for spurring private sector driven research and innovation at commercial scale with a financing pool of 1 lakh CR rupees in line with the announcement in the interim budget space economy with our continued emphasis on expanding the space economy by five times in the next 10 years a venture capital fund of 1,000 CR rupees will be set up Priority nine Next Generation reform Economic Policy framework we will formulate an economic policy framework to delate the overarching approach to Economic Development and set the scope of the next generation of reforms for facilitating employment opportunities and sustaining high growth our government will initiate an incentivized reforms for one improving productivity of factors of production and two facilitating markets and sectors to become more efficient these reforms will cover all factors of production namely land labor capital and Entre entrepreneurship and Technology as an enabler of improving total Factor productivity and bridging inequality effective implementation of several of these reforms requires collaboration between the center and the states and building consensus as development of the country lies in development of the states for promoting competitive federalism and incentivizing states for faster implementation of reforms I propose to earmark a significant part of the 50-year interest free loan working with the states we will initiate the following reforms land related reforms and actions both in the rural and urban areas will cover land Administration will cover one land Administration planning and management and two urban planning usage and building bylaws these will be incentivized for completion within the next 3 years through appropriate fiscal support rural land related actions rural land related actions will include one assignment of unique land parcel identification number UL pin or Buu AAR for all lands two digitization of cadastral maps three survey of subdivisions survey of map sub subdivisions as per current ownership four establishment of land registry and five linking to the farmers registry these actions will also facilitate credit flow and other agricultural Services Urban Land related actions land records in urban areas will be digitized with GIS mapping an it based system for property record Administration updating and Tax Administration will be established these will also facilitate improving the finan Cal position of urban local bodies labor related reforms services to labor our government will facilitate the provision of a wide array of services to labor including those for employment and Skilling a comprehensive integration of esum portal with other portals will facilitate such One-Stop solution open architecture databases for the rap rapidly changing labor market skill requirements and available job roles and a mechanism to connect job aspirants with potential employers and skill providers will be covered in these Services sham suida and samadan portal sham suida and samadan portal will be revamped to enhance ease of compliance for industry and trade capital and Entrepreneurship related reforms financial sector vision and strategy for meeting finan financing needs of the economy our government will bring out a financial sector vision and strategy document to prepare the sector in terms of size capacity and skills this will set the agenda for the next 5 years and guide the work of the government regulators financial institutions and Market participants taxonomy for climate Finance we will develop taxonomy for climate Finance for enhancing the availability of capital for climate adaptation and mitigation this will support achievement of the country's climate commitments and green transition Vari variable Capital company structure we will seek the required legislative approval for providing an efficient and flexible mode for financing leasing of aircrafts and ships and pulled funds of private Equity through a variable company structure foreign direct Investments and overseas investment the rules and regulations for foreign direct investment and overseas investments will be simplified to one facilitate foreign direct Investments two nudge prioritization and three promote opportunities for using Indian rupee as a currency for overseas investment NPS vatalia NPS velia a plan for contribution by parents and gu Guardians for miners will be started on attaining the age of majority uh the plan can be converted seamlessly into a normal NPS account use of Technology we have successfully used technology for improving productivity and bridging inequality in our economy during the past 10 years public investment in digital infrastructure and Innovations by the private sector have helped in improving access of all citizens particularly the common people to Market resources Education Health and services we will step up adoption of Technology towards digital digitalization of the economy ease of doing business for enhancing ease of doing business we are already working on the Gen vishwas Bill 2.0 further States will be incentivized for implementation of the business reforms action plans and digiti digitalization data and statistics for improving data governance collection processing and management of data and statistics different sectoral B databases including those established under the digital India Mission will be utilized with active use of Technology tools new pension scheme the committee to review The NPS has made considerable progress in its work I'm happy to I'm happy I'm happy that the staff side of the National Council Of The Joint consultative missionary for central government employees has taken a constructive approach a solution will be evolved which addresses the relevant issues while maintaining fiscal Prudence to protect the common citizens budget estimate Ates for 2425 for the year 2425 total receipts other than borrowings and the total expenditure are estimated at 32.7 lakh CR rupees and 48.2 lakh CR rupees respectively the net tax receipts are estimated at 25.83% is estimated at 4.9% of the GDP the gross and the net Market borrowings through dated Securities during 2425 are estimated at 14.01 lakh CR rupees and 11.63 lakh CR rupees respectively both will be less than that in 23 24 the fiscal consolidation path announced by me in 2021 has served our economy very well and we aim to reach the deficit below 4.5% next year the government is committed to staying the course from 2026 27 onwards our Endeavor will be to keep the fiscal deficit each year such that the central government's debt will be on a declining path as percentage of GDP I will now move to Part B indirect taxes sir I start with GST it has decreased tax incidence on the Common Man reduced compliance burden and Logistics cost for trade and Industry and enhanced revenues of the Central and the state governments it is a success of vast proportions to multiply the benefits of GST we will strive to further simplify and rationalize the tax structure and Endeavor to expand it to the remaining sectors my proposals for custom duties my proposals for customs duties intend to support domestic manufacturing deepen local value addition promote export competition iess and simplify taxation while keeping the interest of the general public and consumers surmount in budget 2223 we reduce the number of customs duty rates I proposed to undertake a comprehensive review of the rate structure over the next 6 months to rationalize and simplify it for ease of trade removal of Duty inversion and reduction of disputes I shall now take up sector specific customs duty proposals medicine and medical equipments to provide relief to cancer patients I propose to fully exempt three more medicines from customs duties I also propos changes in the BCD on x-ray tubes and flat panel detectors for use in medical x-ray machines under the faced manufacturing program so as to synchronize them with the domestic capacity addition mobile phone and related Parts with a three-fold increase in domestic production and almost a 100 fold jump in exports of mobile phones over the last 6 years the Indian mobile industry has matured in the interest of consumers I now propose to reduce the BCD on mobile phone mobile pcba and mobile charger to 15% critical minerals minerals such as lithium copper Cobalt and Rare Earth elements are critical for sectors like nuclear energy renewable energy space defense telecommunications and high-tech Electronics I propose to fully exempt customs duties on 25 critical minerals and reduce BCD on two of them this will provide a major Philip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors solar energy energy transition is critical in the fight against climate change to support energy transition I propose to expand the list of Exempted capital goods for use in the manufacturer of solar cells and panels in the country further in view of sufficient domestic manufacturing capacity of solar gas glass and tinned copper interconnect I propose not to extend the exemption of custom duties provided to them Marine Products India Seafood exports in the last Financial year touched an all-time high of more than 60,000 crores of rupees frozen shrimp accounted for about 2/3 of these exports to enhance their comp competitiveness I propose to reduce BCD on certain brute stock poly worms shrimp and fish feed to 5% I also propose to exempt customs duty on various inputs for manufacturer of shrimp and fish feed leather and textile similarly to enhance the competitiveness of exports in the leather and textile sectors I proposed to reduce BCD on real down filling material from Duck or Goose I also making additions to the list of Exempted goods for manufacturer of leather and textile garments Footwear and other leather articles for export to rectify inversion in Duty I propose to reduce BCD subject to conditions on methylene dile di ISO cyanate MDI for manufacturer of spandex Yan from 7 .5 to 5% furthermore the export Duty structure on Raw Heights skin and leather is proposed to be simplified and rationalized precious metals to enhance domestic value addition in Gold and precious metal jewelry in the country I propose to reduce customs duties on gold and silver to 6% and that of platinum to 6 . 4% other metals steel and copper are important raw materials to reduce their cost of production I propos to remove the BCD on feron nickel and blister copper I am also continuing with nil BCD on Ferris scrap and nickel cathode and concessional BCD of 2.5% on copper scrap Electronics to to increase value addition in the domestic electronics Industry I propos to remove the BCD subject to conditions on oxygen free copper for manufacturer of resistors I also propose to exempt certain parts for manufacture of connectors chemicals and petrochemicals to support existing and new capacities in the pipeline I propose to increase the BCD on ammonium nitrate from 7.5% to 10% Plastics PVC Flex Banners are bio nonbiodegradable and hazardous for environment and health to curb their Imports I propose to raise the BCD on them from 10 to 25% telecommunication equipment to incentivize domestic manufacturing I propose to increase the BCD from 10 to 15% % on pcba of specific specified Telecom equipment trade facilitation to promote domestic Aviation and boat and ship mro I propose to extend the period of EX period for export of goods imported for repairs from 6 months to 1 year I'll read that again to promote domestic Aviation and boat and ship maintenance rep repair and operations I propose to extend the period for export of goods imported for repairs from 6 months to 1 year in the same way I propose to extend the time limit for repport of goods for repairs under warranty from 3 to 5 years I now move to direct taxes we will continue our efforts to simplify taxes taxes improve taxpayer Services provide tax certainty and reduce litigation while enhancing revenues for funding the development and Welfare schemes of the government it is it has been our Endeavor to simplify taxation we have taken a number of measures in the last few years including introduction of simplified tax regimes without exemptions and deduction for corporate tax and for personal income tax this has been appreciated by taxpayers 58% of corporate tax came from the simplified tax regime in the financial year 2223 similarly as per data available till now for the last fiscal more than 2third have availed the new personal income tax regime comprehensive review of the income tax act I am now announcing a comprehensive review of the income tax act 1961 the purpose is to make the ACT concise Lucid easy to read and understand this will reduce disputes and litigation thereby providing tax certainty to the taxpayers I will also bring down the demand embroiled in litigation it is proposed to be completed in 6 months a beginning is being made in the finance bill by simplifying the tax regime for Charities tedious rate structures provisions of reassessment and search provisions and capital gains taxation simplification for Charities and tedious two tax exemption regimes the two tax exemption regimes for Charities are proposed to be merged into one the 5% teds rate on many payments is being merged into the 2% teds rate and the 20% teds rate on repurchase of units by mutual funds or UTI is being withdrawn tedious rate on e-commerce operators is proposed to be reduced from 1 to 0.1% moreover credit of t C CS is proposed to be given in the TDS to be deducted on salary further I propose to decriminalize delay for payment of TDS up to the due date of filing statement for the same I also plan to provide a standard operating procedure for tedious defaults and simplify and rationalize the compounding guidelines for such defaults simplification of reassessment I propose to thoroughly simplify the provisions for reopening and reassessment an assessment here in after can be reopened Beyond 3 years from the end of the assessment year only if the escaped income is 50 lakh rupees or more up to a maximum period of 5 Years From the end of the assessment year even in search cases a time limit of 6 years before the year of the search as against the existing time limit of 10 years is being proposed this will reduce tax uncertainty and disputes simplification and rationalization of capital gains capital gains taxation is also proposed to be hugely simplified short-term gains on certain Financial assets shall henceforth attract a tax rate of 20% while that on all other Financial assets and all non-financial assets shall continue to attract the applicable tax rate long-term gains on all financial and non-financial assets on the other hand will attract a tax rate of 12.5 % for the benefit of the lower and the middle income classes I propose the I propose to increase the limit of exemption of capital gains on certain Financial assets to 1.25 lakh rupees per year listed Financial assets held for more than a year will be classified as long-term while unlisted Financial assets and all non-financial assets will have to be held for at least 2 years to be classified as longterm unlisted bonds and debentures debt mutual funds and Market linked debentures irrespective of holding period however will attract tax on capital gains at applicable rates taxpayers Services all the major taxpayer Services Under GST and most services under customs and income tax have been digitalized all remaining Services of customs and income tax including rectification and Order giving effect to appellate orders shall be digitalized and made paperless over the next two years litigation and appeals while our concerted efforts to reduce pendency of appeals at various appellate fora are beginning to show good results it will continue to engage our highest attention to dispose of the backlog of first appeals I plan to deploy more officers to hear and decide such appeals especially those with large tax effect for resolution of certain income tax disputes pending an appeal I am also proposing vivad vishwas scheme 2024 further I propos to increase monetary limits for filing appeals related to direct taxes excise and service tax in the tax tribunals High courts and Supreme Court to 60 lakh rupees 2 CR rupees and 5 CR respectively with a view to reduce litigation and provide certainty in international taxation we will expand the scope of Safe Harbor R rules and make them more attractive we will also streamline the transfer pricing assessment procedure employment and investment I have a few proposals to promote investment and Foster employment first of all to bolster the Indian startup ecosystem boost the entrepreneurial spirit and to support Innovation I propose to abolish the so-called Angel tax for all classes of investors second there is tremendous potential for Cruis tourism in India to give a Philip to this employment generating industry I proposing a simpler tax regime for foreign shipping companies operating domestic cruises in the country third India is a world leader in the diamond cutting and polishing industry which employs a large number of skilled workers to further promote the development of this sector we would provide for Safe Harbor rates for foreign mining companies selling raw diamonds in the country fourth to attract foreign capital for our development needs I propos to reduce the corporate tax rate on foreign companies from 40 to 35% deepening the tax base I have a couple of proposals for deepening the tax base First Security transaction tax on Futures and options of Securities is proposed to be increased to 0.02% and 0.1% respectively second for reasons of equity I propose to tax income received on buyback of shares in the hands of recipients other proposals to improve Social Security benefits deduction of expenditure by employers towards NPS is proposed to be increased from 10 to 14% of the employees salary similarly deduction of this expenditure up to 14% of salary from the income of employees in private sector public sector Banks and undertakings opting for the new tax regime is proposed to be provided Indian professionals working in multinationals get esops and invest in Social Security schemes and other movable assets abroad non reporting of such small foreign assets has penal con consquences under the black money act such non-reporting of movable assets up to 20 lakh Rupees is proposed to be de penalized other major proposals in the finance bill relate to withdrawal of Equalization Levy of 2% expansion of tax benefits to certain funds and entities in ifscs and immunity from penalty and prosecution to benamar on full and true disclosure so as to improve conviction under the benami transaction prohibition Act 1988 personal income tax coming to personal income tax rates I have two announcements to make for those opting for the new tax regime first the standard deduction for for salaried employees is proposed to be increased from 50,000 to 75,000 rupees similarly deduction on family pension for pensioners is proposed to be enhanced from 15,000 to 25,000 rupees this will provide relief to about 4 CR salaried individuals and pensioners second in the new tax regime the tax rate structure is proposed to be revised as follows 0 to 3 lakh rupees nil 3 to 7 lakh rupees 5% 7 to 10 lakh Rupees 10% 10 to 12 lakh rupees 15% 12 to 15 lakh rupees 20% and above 15 lak rupees 30% as a result of these changes a salaried employee in the new tax regime stands to save up to 17,500 rupees in income tax apart from these I'm also making some other changes as given in the anexa as a result of these proposals review of about 30 revenue of about 37,000 CR that is 29,000 CR in direct taxes and 8,000 CR in indirect taxes will be foregone while revenue of about 30,000 CR rupees will be additionally mobilized thus the total revenue forone is about 7,000 crores annually Mr Speaker Sir with this I command the budget to this August House j h item number two item number two [Applause] Sir with your permission I Rise to lay on the table the following statements under section three of the fiscal responsibility and budget management fbm act 2003 medium-term fiscal policy come fiscal policy strategies treatement and macroeconomic framework statement item number three Sir with your per commission I Rise to move for leave to introduce the finance number two Bill 2024 [Music] sir I introduce the bill item number four the union territory of Jammu and Kashmir budget sir I Rise to present a statement Hindi and English versions of the estimated receipts and expenditure of the Union territory of Jammu Kashmir for the year 2425 saak July PR e