NamasteBudgetIndia2024: Key Takeaways
Finance Minister Nirmala Sitharaman’s Budget 2024:
Economic Growth and Fiscal Policy:
GDP Growth: Projected growth rate of 6.5-7% for the current financial year.
Fiscal Deficit: Targeted to reduce to 5.1% of GDP in 2024-25, with a further reduction to 4.5% by 2025-26.
Taxation:
Angel Tax Abolished: Relief for start-ups and investors.
Personal Income Tax: No major changes, but some adjustments in tax slabs to benefit middle-income groups.
Infrastructure and Capex:
Capital Expenditure: Increased by 37% to boost infrastructure development.
Green Initiatives: Significant investments in renewable energy projects, including solar and wind power.
Social Welfare:
Healthcare: Increased allocation for healthcare infrastructure and services.
Education: Enhanced funding for educational institutions and skill development programs.
Industry and Innovation:
MSMEs: Special focus on micro, small, and medium enterprises with increased funding and support.
Digital Economy: Continued push for digitalization and tech-driven growth.
Agriculture and Rural Development:
Farmers’ Welfare: Increased subsidies and support for sustainable farming practices.
Rural Infrastructure: Investments in rural roads, housing, and sanitation.
Overall, the budget aims to balance growth with fiscal prudence, while focusing on infrastructure, social welfare, and green initiatives.
Big changes in income tax slabs, STT, STCG, LTCG, and angel tax
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Originally published on LinkedIn on 2024-07-23 09:57:48: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7221453440915238912
