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2024-25 Budget Highlights and Key Points
Aug 5, 2024
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2024-25 Budget Presentation
Introduction to the Budget
Budget 2024-25 presented by Finance Minister Nirmala Sitharaman.
Full budget presented after interim budget shown in February.
Budget presentation process:
At 10 AM, the hard copy of the budget is delivered to the parliament.
Information about the budget is given to the President.
Traditionally, the President offers sweets.
The Union Cabinet approves the budget.
The budget is presented in digital format.
Importance of the Budget
The budget is important for every citizen.
Provides information on government expenditure, income, and various schemes.
Indicates which sector the government is focusing on more through the budget.
Structure of the Budget
The word 'budget' is not used in the constitution, instead, the term "annual financial statement" is used.
Articles 112 to 117 in the constitution contain information regarding the budget.
No money can be withdrawn from the Consolidated Fund of India without the budget.
Responsibility of the Finance Ministry
The Department of Economic Affairs in the Finance Ministry is responsible for preparing the budget.
The budget preparation process starts in October.
Key Points of the Budget
The budget mainly focuses on 4 categories:
Poor
Women
Youth
Farmers
Four major areas: Employment, Skilling, MSMEs, and the middle class.
Major Priorities in the Budget
Nine priorities:
Productivity and Agriculture
Employment and Skilling
Inclusive Human Development
Resource Development
Social Justice
Manufacturing and Services
Urban Development
Energy Security
Infrastructure
Special State Package
Announcement of a special package for Bihar.
Special financial assistance for Andhra Pradesh.
Agricultural Sector
Improvements in agricultural research.
1 crore farmers will be trained to promote natural farming.
Employment and Skilling
Five Prime Ministerial Packages:
Incentives for first jobs.
Employment growth in manufacturing.
Skill development and training.
Women and hostels.
Financial Status
Total revenue receipts in 2024-25: 31.3 lakh crore.
Total capital receipts: 16.9 lakh crore.
Total expenditure: 48.2 lakh crore.
Revenue expenditure: 37.1 lakh crore.
Tax System
Changes in income tax:
New slabs: 5%, 10%, 15%, 20%, 30%.
5% tax on 3-7 lakh.
10% tax on 7-10 lakh.
Investment and Market Response
Reason for stock market decline: Increase in long-term capital gains tax.
Relief for small investors: No tax on capital gains up to 1.25 lakh.
Conclusion
The budget focused on various sectors.
Significant steps have been taken towards the development of government schemes and assets.
Additional Information
Various courses and batches are available through Study IQ.
Potential career options and exam materials for students.
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