{"id":6016,"date":"2024-08-15T19:42:12","date_gmt":"2024-08-15T14:12:12","guid":{"rendered":"https:\/\/uat1.gettogetherfinance.com\/blog\/?p=6016"},"modified":"2025-10-10T17:00:42","modified_gmt":"2025-10-10T11:30:42","slug":"budget-2024","status":"publish","type":"post","link":"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/","title":{"rendered":"Budget 2024 Highlights: What the New Budget Means for You"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-content\/uploads\/2024\/08\/Budget-2024-1024x597.webp\" alt=\"Budget 2024\" class=\"wp-image-6017\"\/><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Overview\" title=\"Overview\">Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Key_Focus_Areas_in_the_Union_Budget_2024-2025\" title=\"Key Focus Areas in the Union Budget 2024-2025\">Key Focus Areas in the Union Budget 2024-2025<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Highlights_of_the_Union_Budget_2024-2025\" title=\"Highlights of the Union Budget 2024-2025\">Highlights of the Union Budget 2024-2025<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Stock_Market\" title=\"Stock Market&nbsp;\">Stock Market&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Agriculture_and_Rural_Development\" title=\"Agriculture and Rural Development\">Agriculture and Rural Development<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Education_Employment\" title=\"Education &amp; Employment\">Education &amp; Employment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Inclusive_Human_Resource_Development_and_Social_Justice\" title=\"Inclusive Human Resource Development and Social Justice\">Inclusive Human Resource Development and Social Justice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Manufacturing_and_Services\" title=\"Manufacturing and Services\">Manufacturing and Services<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Upgrade_MSMEs\" title=\"Upgrade MSMEs\">Upgrade MSMEs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Manufacturing_and_Services_Upgrades\" title=\"Manufacturing and Services Upgrades\">Manufacturing and Services Upgrades<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Urban_Development_Initiatives\" title=\"Urban Development Initiatives\">Urban Development Initiatives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Energy_Security\" title=\"Energy Security&nbsp;\">Energy Security&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Innovation_Research_and_Development\" title=\"Innovation, Research and Development\">Innovation, Research and Development<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Infrastructure_Sector\" title=\"Infrastructure Sector\">Infrastructure Sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Reforms_for_Next_Generations\" title=\"Reforms for Next Generations\">Reforms for Next Generations<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#Parliamentary_and_Public_Reaction_to_Union_Budget_2024\" title=\"Parliamentary and Public Reaction to Union Budget 2024\">Parliamentary and Public Reaction to Union Budget 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#u003cstrongu003eWhat_are_the_main_points_of_Budget_2024u003cstrongu003e\" title=\"u003cstrongu003eWhat are the main points of Budget 2024?u003c\/strongu003e\">u003cstrongu003eWhat are the main points of Budget 2024?u003c\/strongu003e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#u003cstrongu003eWhat_are_the_changes_in_the_tax_slab_in_Union_Budget_2024u003cstrongu003e\" title=\"u003cstrongu003eWhat are the changes in the tax slab in Union Budget 2024?u003c\/strongu003e\">u003cstrongu003eWhat are the changes in the tax slab in Union Budget 2024?u003c\/strongu003e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#u003cstrongu003eWhen_will_the_session_of_budget_2024_begin_and_endu003cstrongu003e\" title=\"u003cstrongu003eWhen will the session of budget 2024 begin and end?u003c\/strongu003e\">u003cstrongu003eWhen will the session of budget 2024 begin and end?u003c\/strongu003e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/budget-2024\/#u003cstrongu003eWhat_will_become_cheaper_after_the_2024_budgetu003cstrongu003e\" title=\"u003cstrongu003eWhat will become cheaper after the 2024 budget?u003c\/strongu003e\">u003cstrongu003eWhat will become cheaper after the 2024 budget?u003c\/strongu003e<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview\"><\/span>Overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Every financial year, the budget is the most awaited event in India for both the businesses and the public. This decides the nation&#8217;s trajectory by strategically allocating resources and prioritising key development areas.<\/p>\n\n\n\n<p>The Union Budget 2024-2025 was announced by honourable Finance Minister Nirmala Sitharaman as the future prospect of developed Bharat, also named as the \u201cJourney Towards Viksit Bharat\u201d. With a focus on employment, skilling, MSMEs, and the middle class, the budget shows the strong commitment of the Indian government toward the high-impact sector with its strategic financial allocation.&nbsp;<\/p>\n\n\n\n<p>But there is more to it. This blog put the spotlight on all the highlights of the Union Budget 2024-2025 in a brief.&nbsp;<\/p>\n\n\n\n<p>Let&#8217;s take a look.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Focus_Areas_in_the_Union_Budget_2024-2025\"><\/span>Key Focus Areas in the Union Budget 2024-2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-content\/uploads\/2024\/08\/Key-Focus-Areas-in-the-Union-Budget-2024-2025-1024x275.webp\" alt=\"Key Focus Areas in the Union Budget 2024-2025\" class=\"wp-image-6019\"\/><\/figure>\n\n\n\n<p>Finance Minister Nirmala Sitharaman\u2019s Budget proposals provide a detailed blueprint to help India become a developed nation. The budget focuses on key areas to create opportunities for everyone in <strong>&#8220;Viksit Bharat&#8221;<\/strong>. It aims for continuous economic growth, social progress, and technological improvements.<\/p>\n\n\n\n<p>The Finance Minister presented the Final Budget on July 23, 2024, where she highlighted that this year\u2019s budget focuses on employment, skills development, small and medium enterprises (MSMEs), and the middle class. The main priorities of the budget are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Stock Market<\/li><li>Employment and Skilling<\/li><li>Productivity and Resilience in Agriculture<\/li><li>Inclusion of Human Resource Development and Social Justice<\/li><li>Energy Security<\/li><li>Urban Development<\/li><li>Manufacturing and Services\u00a0<\/li><li>Next Generation Reforms<\/li><li><a href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/infrastructure-sector\/\" target=\"_blank\" rel=\"noreferrer noopener\">Infrastructure\u00a0<\/a><\/li><li>Innovation, Research and Development\u00a0<\/li><\/ul>\n\n\n\n<p>The Budget also includes several changes in direct and indirect taxes. To know more let&#8217;s read into the highlights of the budget.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Highlights_of_the_Union_Budget_2024-2025\"><\/span>Highlights of the Union Budget 2024-2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-content\/uploads\/2024\/08\/Highlights-of-the-Union-Budget-2024-2025-1024x275.webp\" alt=\"Highlights of the Union Budget 2024-2025\n\" class=\"wp-image-6020\"\/><\/figure>\n\n\n\n<p>Here are the highlights of Union Budget 2024-2025 (sector basis) that will give you an in-depth view of what this year&#8217;s session of Viksit Bharat brings to the table:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_Market\"><\/span>Stock Market&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Union Budget 2024 introduced several changes and initiatives that directly impacted the stock market and investor&#8217;s interest. After the announcement, the Indian stock market faced a sharp decline significantly with <a href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/national-stock-exchange-nse\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/uat1.gettogetherfinance.com\/blog\/national-stock-exchange-nse\/\" rel=\"noreferrer noopener\">NSE <\/a>Nifty 50 and S&amp;P <a href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/bombay-stock-exchange-bse\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/uat1.gettogetherfinance.com\/blog\/bombay-stock-exchange-bse\/\" rel=\"noreferrer noopener\">BSE <\/a>Sensex dropping about 1% each. Here are the key highlights that you need to know:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><a href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/capital-gains-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">Capital Gains Tax<\/a> Increase:<\/strong> The government raised the short-term capital gains tax from <strong>15% to 20%<\/strong> and introduced a <strong>12.5% tax<\/strong> on <strong>long-term <\/strong>capital gains, eliminating the indexation benefit. However, the exemption limit for long-term capital gains was increased from \u20b91 lakh to \u20b91.25 lakh per year.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Securities Transaction Tax (STT): <\/strong>The STT on futures and options was <strong>increased<\/strong> to <strong>0.02%<\/strong> and <strong>0.01%<\/strong>, respectively. Additionally, income from share buybacks will now be taxed for recipients, which was previously not the case.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Disinvestment Concerns:<\/strong> The Finance Minister did not provide a disinvestment target for the current financial year, causing negative sentiment in the markets. Stocks of potential disinvestment candidates fell by up to 8%.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Infrastructure Push:<\/strong> A silver lining was the continued focus on infrastructure development with a major allocation of Rs. 10 lakh crore. This <strong>positively impacted sectors like construction, engineering, and capital goods<\/strong>.<\/li><\/ul>\n\n\n\n<p>Overall, the Budget 2024 was a double-edged sword for the stock market. The tax changes have negatively influenced investor&#8217;s sentiment and market performance in the short term, showcasing high volatility.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Agriculture_and_Rural_Development\"><\/span>Agriculture and Rural Development<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Keeping the agriculture sector as the top priority, the government has allocated <strong>\u20b91.52 lakh crore<\/strong> for <a href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/monsoon-and-fmcg-sector\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/uat1.gettogetherfinance.com\/blog\/monsoon-and-fmcg-sector\/\" rel=\"noreferrer noopener\">agriculture <\/a>and related sectors in the Union Budget 2024-2025. Let\u2019s see what it entails:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>109 new high-yielding<\/strong> and climate-resilient crop varieties to be introduced.<\/li><li><strong>1 crore farmers<\/strong> to be trained in natural farming practices over <strong>2 years<\/strong>.<\/li><li><strong>10,000 bio-input resource centres<\/strong> to be established for natural farming support.<\/li><li>Farmer-Producer Organisations, startups, and cooperatives to be promoted for vegetable supply chains.<\/li><li>Strategy to achieve self-reliance (<strong>Atmanirbharta<\/strong>) in oil seeds like groundnut, mustard, soybean, sesame, and sunflower.<\/li><li>Digital Public Infrastructure (DPI) in agriculture to cover <strong>6 crore farmers <\/strong>and their lands in 3 years.&nbsp;<\/li><li><strong>Kisan Credit Cards <\/strong>based on Jan Samarth to be issued and enabled in 5 states.<\/li><li>Financial support for setting up a network of Nucleus Breeding Centres for shrimp broodstocks.<\/li><\/ul>\n\n\n\n<p>This initiative reflects the state&#8217;s commitment to improve agricultural productivity, promoting sustainable farming practices, and supporting farmers across the country.<\/p>\n\n\n\n<p><strong>Also Read:<\/strong> <a href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/inflation-protected-securities\/\" target=\"_blank\" rel=\"noreferrer noopener\">Inflation-Protected Securities<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Education_Employment\"><\/span>Education &amp; Employment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>FM Nirmala Sitharaman allocated major investments in the education and employment segment, aiming to enhance skill development and create job opportunities. Here are the key initiatives announced:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The government has introduced three new schemes to encourage employment in the formal sector:<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Scheme A: First Timers<\/strong>: Aims to provide a direct benefit transfer of up to <strong>\u20b915,000 (in 3 installments) <\/strong>to first-time employees registered with the EPFO (Employees&#8217; Provident Fund Organisation).<\/li><li><strong>Scheme B: Job Creation in Manufacturing:<\/strong> Aims to offer incentives to both employees and employers based on their EPFO contributions in the first 4 years of employment.<\/li><li><strong>Scheme C: Support to Employers<\/strong>: Aims to reimburse employers up to <strong>\u20b93,000 per month for 2 years<\/strong> based on their EPFO contributions for each additional employee. It includes all additional employment within a salary of \u20b91 lakh per month.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Besides this, the government will launch a new centrally sponsored skill development scheme in collaboration with industry and state governments:<ul><li><strong>20 lakh youth<\/strong> will be trained over 5 years.<\/li><li><strong>1,000 Industrial Training Institutes (ITIs)<\/strong> will be upgraded with a focus on outcome orientation.<\/li><\/ul><\/li><li><strong>The Model Skill Loan Scheme<\/strong> has been revised to provide <strong>loans<\/strong> <strong>up to \u20b97.5 lakh <\/strong>for students, with a guarantee from a government-promoted fund.<\/li><li>The budget also includes financial support for higher education<strong> loans up to \u20b910 lakh <\/strong>for domestic institutions. 1 lakh students will receive e-vouchers annually, providing a 3% annual interest subsidy on the loan amount.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Inclusive_Human_Resource_Development_and_Social_Justice\"><\/span>Inclusive Human Resource Development and Social Justice<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Women-Led Development: <\/strong>Allocated over <strong>\u20b93 lakh crore<\/strong> to promote development led by women and benefit women and girls.<\/li><li><strong>Rural Development and Infrastructure: <\/strong>Provided <strong>\u20b92.66 lakh crore <\/strong>for enhancing rural development and infrastructure.<\/li><li><strong>Housing: <\/strong>Announced the construction of an additional <strong>3 crore houses<\/strong> under the <strong>PM Awas Yojana<\/strong> for both rural and urban areas.<\/li><li><strong>Pradhan Mantri Janjatiya Unnat Gram Abhiyan: <\/strong>Launched a new scheme to improve the socio-economic condition of tribal communities, covering <strong>63,000 villages <\/strong>and benefiting <strong>5 crore tribal people<\/strong>.<\/li><li><strong>Eastern Region Development &#8211; Purvodaya:<\/strong><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Formulating a comprehensive plan for the development of Jharkhand, Bihar, Odisha, West Bengal, and Andhra Pradesh.<\/li><li>Support for the Amritsar Kolkata Industrial Corridor at Gaya, catalysing industrial development in the eastern region.<\/li><li>Development of <strong>road connectivity projects<\/strong> such as Patna-Purnea Expressway, Buxar-Bhagalpur Expressway, and more, with a total cost of <strong>\u20b926,000 crore<\/strong>.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Power Projects: <\/strong>Setting up a new <strong>2400 MW power plant <\/strong>at Pirpainti at a cost of \u20b921,400 crore.<\/li><li><strong>Andhra Pradesh Reorganisation Act: <\/strong>The government commits <strong>\u20b915,000 crore<\/strong> this year, with more funds in future years, to support the Andhra Pradesh Reorganisation Act. It also focuses on funding the Polavaram Irrigation Project and essential infrastructure in the Kopparthy and Orvakal nodes.<\/li><li><strong>Banking Services Expansion: <\/strong>Setting up more than <strong>100 branches <\/strong>of India Post Payment Bank in the North East region.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manufacturing_and_Services\"><\/span>Manufacturing and Services<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-content\/uploads\/2024\/08\/Manufacturing-and-Services-1024x275.webp\" alt=\"Manufacturing and Services\n\" class=\"wp-image-6021\"\/><\/figure>\n\n\n\n<p>The initiatives aim to strengthen the <a href=\"https:\/\/msme.gov.in\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/msme.gov.in\/\" rel=\"noreferrer noopener\">MSME <\/a>sector, improving manufacturing capabilities, and create job opportunities. Here is what it carries:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Upgrade_MSMEs\"><\/span>Upgrade MSMEs<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Credit Guarantee Scheme<\/strong>: New scheme helps MSMEs get term loans for machinery without collateral, with a guarantee cover of up to <strong>\u20b9100 crore<\/strong> per applicant.<\/li><li><strong>In-House Credit Assessment<\/strong>: Public sector banks will assess MSMEs for credit internally, using a new model based on digital footprints.<\/li><li><strong>Enhanced Mudra Loan Limits<\/strong>: Increased from <strong>\u20b910 lakh to \u20b920 lakh<\/strong> for successful borrowers under the &#8216;Tarun&#8217; category.<\/li><li><strong>TReDS Platform Changes<\/strong>: Mandatory onboarding threshold of TReDS reduced from <strong>\u20b9500 crore to \u20b9250 crore<\/strong>.<\/li><li><strong>Expansion of SIDBI<\/strong>: Open new branches to serve major MSME groups and deliver direct credit in 3 years.<\/li><li><strong>Food Irradiation Units and Testing Labs<\/strong>: Support for <strong>50 food <\/strong>irradiation units and <strong>100 food <\/strong>quality testing labs with NABL accreditation.<\/li><li><strong>E-Commerce Export Hubs<\/strong>: Institute <strong>E-Commerce Export Hubs<\/strong> to help MSMEs and artisans sell products globally.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manufacturing_and_Services_Upgrades\"><\/span>Manufacturing and Services Upgrades<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Internship Opportunities<\/strong>: <strong>1 crore internships<\/strong> in top 500 companies with a monthly allowance of \u20b95,000.<\/li><li><strong>Investment-Ready Industrial Parks<\/strong>: Development of <strong>\u201cplug and play\u201d <\/strong>industrial<strong> parks wi<\/strong>th states and the private sector.<\/li><li><strong>National Industrial Corridor Development<\/strong>: Sanctioning of <strong>12 industrial parks<\/strong> under the National Industrial Corridor Development Programme.<\/li><li><strong>Critical Mineral Mission<\/strong>: A mission to recycle critical minerals and promote domestic production.<\/li><li><strong>Offshore Mining Blocks<\/strong>: Release of the first auction of offshore mining blocks.<\/li><li><strong>Insolvency and Bankruptcy Code Improvements<\/strong>: Introduction of an Integrated Technology Platform to improve outcomes under the IBC and extension of C-PACE services.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Urban_Development_Initiatives\"><\/span>Urban Development Initiatives<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-content\/uploads\/2024\/08\/Urban-Development-Initiatives-1024x275.webp\" alt=\"Urban Development Initiatives\" class=\"wp-image-6022\"\/><\/figure>\n\n\n\n<p>In this sector, the budget focuses on improving infrastructure, housing, sanitation, and economic opportunities in large cities through targeted investments and reforms. Here is a sneak peak into the plans:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Transit Oriented Development<\/strong>: Initiative to create Transit Oriented Development plan for <strong>14 large cities<\/strong> with populations over 30 lakh.<\/li><li><strong>PM Awas Yojana Urban 2.0<\/strong>: Scheme to meet the housing needs of <strong>1 crore urban middle-class and poor families <\/strong>with an investment of \u20b910 lakh crore, including \u20b92.2 lakh crore in central assistance over the next five years.<\/li><li><strong>Sewage and Water Projects<\/strong>: State governments and Multilateral Development Banks will fund sewage treatment, water supply, and waste management projects for <strong>100 large cities<\/strong>.<\/li><li><strong>Weekly Haat Development<\/strong>: Promote the establishment of <strong>100 weekly &#8216;haats&#8217; (street food hubs)<\/strong> in selected cities over the next five years.<\/li><li><strong>Stamp Duty Reforms<\/strong>: Schemes to encourage states to lower high stamp duty rates, particularly for properties purchased by women.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Energy_Security\"><\/span>Energy Security&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Highlighting the needs of energy security in Viksit Bharat, the budget focuses on offering&nbsp; free electricity through solar panels, promoting renewable and nuclear energy, and enhancing energy efficiency in industries:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>PM Surya Ghar Muft Bijli Yojana: <\/strong>Aims to offer 300 units of free electricity per month to 1 crore households via rooftop solar panels.<\/li><li><strong>Pumped Storage Projects: <\/strong>Introduce policies to promote electricity storage and integrate renewable energy.<\/li><li><strong>Nuclear Energy Development: <\/strong>Partner with the private sector to develop Bharat Small Reactors, Small Modular Reactors, and new nuclear technologies.<\/li><li><strong>AUSC Technology Plant: <\/strong>Establish a joint venture between NTPC and BHEL to set up an 800 MW commercial plant using Advanced Ultra Super Critical technology.<\/li><li><strong>Energy Audits and Efficiency: <\/strong>Conduct investment-grade energy audits for traditional micro and small industries in 60 clusters.&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Innovation_Research_and_Development\"><\/span>Innovation, Research and Development<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With the agenda of fostering innovation, research, and development (R&amp;D), the budget 2024 mainly focused on India&#8217;s future prospects and growth. Here are the key outlines:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Private Sector Research Boost: <\/strong>Establishing a mechanism with a \u20b91 lakh crore finance pool to promote private sector-driven research and innovation at a commercial scale.<\/li><li><strong>Anusandhan National Research Fund: <\/strong>Enactment of the fund to support basic research and prototype development. The estimated funding for the ANRF is \u20b950,000 crore for the period from 2023 to 2028.<\/li><li><strong>Space Economy Expansion: <\/strong>Creating a \u20b91,000 crore venture capital fund aimed at expanding the space economy fivefold in the next 10 years.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Infrastructure_Sector\"><\/span>Infrastructure Sector<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Union Budget 2024-2025 aims to enhance connectivity and services across the country for a developed Bharat. Here is what is proposed in <a href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/infrastructure-sector\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/uat1.gettogetherfinance.com\/blog\/infrastructure-sector\/\" rel=\"noreferrer noopener\">infrastructure sector<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Capital Expenditure: <\/strong>Allocated <strong>\u20b911,11,111 crore for capital expenditure<\/strong>.<\/li><li><strong>Support for States:<\/strong> Provided <strong>\u20b91.5 lakh crore<\/strong> for long-term interest-free loans to assist states in resource allocation.<\/li><li><strong>Rural Connectivity: <\/strong>Initiative to launch <strong>Phase IV<\/strong> of the <strong>Pradhan Mantri Gram Sadak Yojana (PMGSY)<\/strong> to ensure all-weather connectivity to 25,000 rural habitations.<\/li><li><strong>Irrigation and Water Projects<\/strong>: Financial support for projects like the Kosi-Mechi intra-state link and 20 other schemes, totaling <strong>\u20b911,500 crore<\/strong>, under the Accelerated Irrigation Benefit Programme.<\/li><li><strong>Temple Corridor Development: <\/strong>Overall development of the Vishnupad Temple Corridor and Mahabodhi Temple Corridor in Rajgir, Nalanda, and Odisha.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reforms_for_Next_Generations\"><\/span>Reforms for Next Generations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Keeping the needs of the upcoming generation, the budget 2024 aimed at strengthening economic growth and employment opportunities across various sectors. Here are the key highlights:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Land Reforms<\/strong>: The government collaborates with states to reform land-related policies in rural and urban areas.<\/li><li><strong>Labor Integration<\/strong>: Integration of <strong>e-shram portal <\/strong>with other portals for a comprehensive solution for labor services.<\/li><li><strong>Compliance Ease<\/strong>: Improve the <strong>Shram Suvidha and Samadhan portals<\/strong> to make it easier for businesses to comply with regulations.<\/li><li><strong>Climate Finance<\/strong>: Aims to create a new taxonomy for increased availability of funds for climate change adaptation and mitigation projects.<\/li><li><strong>FDI and Overseas Investment<\/strong>: Streamline foreign direct investment (FDI) and overseas investments to encourage the use of Indian Rupee and encourage foreign investments.<\/li><li><strong>NPS Vatsalya<\/strong>: New schemes for parents and guardians to contribute to minors&#8217; National Pension System (NPS) accounts.<\/li><li><strong>Jan Vishwas Bill 2.0<\/strong>: The government is working on a new bill to further enhance the<strong> &#8216;Ease of Doing Business&#8217;<\/strong> in India.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Parliamentary_and_Public_Reaction_to_Union_Budget_2024\"><\/span>Parliamentary and Public Reaction to Union Budget 2024<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-content\/uploads\/2024\/08\/Parliamentary-and-Public-Reaction-to-Union-Budget-2024-1024x275.webp\" alt=\"Parliamentary and Public Reaction to Union Budget 2024\" class=\"wp-image-6023\"\/><\/figure>\n\n\n\n<p>The Union Budget 2024 sparked a lively <strong>debate<\/strong> both within <strong>Parliament<\/strong> and among the general <strong>public<\/strong>. While the government lauded the budget as a step towards a <strong>&#8216;Viksit Bharat&#8217;<\/strong>, opposition parties and experts raised several concerns.<\/p>\n\n\n\n<p>Critics argued that the budget fell short of delivering important tax relief to the <strong>middle class<\/strong>, despite releasing new tax slabs. The increased focus on capital expense, while essential for infrastructure development, was questioned in terms of its impact on job creation and economic growth. Moreover, concerns were raised about the government&#8217;s ability to maintain fiscal discipline in the long run, given the increased cost as this will just create more debt to the country. Rahul Gandhi, the leader of Congress, quoted, &#8220;This budget does not provide any real solutions for the common man.&#8221;\u00a0<br><strong>The public&#8217;s response was also similarly mixed <\/strong>on the budget 2024<strong>. <\/strong>While some appreciated measures like increased tax slabs and initiatives in the <a href=\"https:\/\/uat1.gettogetherfinance.com\/blog\/monsoon-and-fmcg-sector\/\" target=\"_blank\" rel=\"noreferrer noopener\">agriculture sector<\/a>, others expressed disappointment over rising prices and the perceived lack of focus on social welfare programs. The budget&#8217;s impact on various sections of society became a subject of intense discussion, highlighting the complexities of balancing economic growth with social equity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1723125207127\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"u003cstrongu003eWhat_are_the_main_points_of_Budget_2024u003cstrongu003e\"><\/span>u003cstrongu003eWhat are the main points of Budget 2024?u003c\/strongu003e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>u003cbru003eReleased with \u2018Viksit Bharat Budget 2024,\u2019 theme, the budget mainly focused on four major areas: the poor (Garib), women (Mahilayen), youth (Yuva), and farmers (Annadata).u003cbru003eu003cbru003eIt highlights key areas like improving agriculture, creating jobs, skill development, better resources, justice, and boosting manufacturing. It also covers urban development, energy security, building infrastructure, research, and new reforms. Plus, it suggests making the tax system simpler for individuals.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1723125220371\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"u003cstrongu003eWhat_are_the_changes_in_the_tax_slab_in_Union_Budget_2024u003cstrongu003e\"><\/span>u003cstrongu003eWhat are the changes in the tax slab in Union Budget 2024?u003c\/strongu003e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The revised personal income tax slabs are as follows:u003cbru003eu003cbru003e0 \u2013 3 Lakh Rupees: Nil (No tax)u003cbru003e3 \u2013 7 Lakh Rupees: 5%u003cbru003e7 \u2013 10 Lakh Rupees: 10%u003cbru003e10 \u2013 12 Lakh Rupees: 15%u003cbru003e12 \u2013 15 Lakh Rupees: 20%u003cbru003eAbove 15 Lakh Rupees: 30%<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1723125230325\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"u003cstrongu003eWhen_will_the_session_of_budget_2024_begin_and_endu003cstrongu003e\"><\/span>u003cstrongu003eWhen will the session of budget 2024 begin and end?u003c\/strongu003e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The Union Budget 2024 session began on July 22, 2024, and is expected to last until August 12, 2024.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1723125241419\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"u003cstrongu003eWhat_will_become_cheaper_after_the_2024_budgetu003cstrongu003e\"><\/span>u003cstrongu003eWhat will become cheaper after the 2024 budget?u003c\/strongu003e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Gold and silver will become cheaper as the budget reduces customs duties on gold and silver to 6%.\u00a0<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Overview Every financial year, the budget is the most awaited event in India for both the businesses and the public. This decides the nation&#8217;s trajectory by strategically allocating resources and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62,56],"tags":[],"class_list":["post-6016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-market","category-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/posts\/6016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/comments?post=6016"}],"version-history":[{"count":6,"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/posts\/6016\/revisions"}],"predecessor-version":[{"id":7771,"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/posts\/6016\/revisions\/7771"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/media\/6018"}],"wp:attachment":[{"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/media?parent=6016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/categories?post=6016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uat1.gettogetherfinance.com\/blog\/wp-json\/wp\/v2\/tags?post=6016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}