Budget Session 2024: Key highlights of Modi 3.0's first budget

Union Finance Minister Nirmala Sitharaman broke former Prime Minister Morarji Desais record by presenting the seventh consecutive budget Sitharaman clad in an offwhite saree for her seventh budget presentation said that the budget 2024 envisages sustained efforts on ninepriorities for generating ample opportunities for all The Budgets 9 priorities include productivity jobs social justice urban development energy security infrastructure and reforms she addedPresenting the Union Budget 2024 FM Sitharaman said the government is undertaking a comprehensive review of research to develop climateresilient seeds and added that in the next two years one crore farmers will be initiated in natural farmingThe FM added that the implementation of various schemes announced in the interim budget in February is still underwayHere are key highlights of Budget 2024Five schemes to focus on 41 crore youth over 5 years with a central outlay of Rs 2 lakh crore says FMFM lists out a roadmap to pursue nine priorities for Indias opportunityEnergy Security will be one of the Nine PrioritiesFM Sitharaman says onemonth salary support to enterprises for firsttime employees1 crore farmers to be initiated into natural farming over 2 yearsBudget for FY25 to provide Rs 148 lakh crore for education and employment and skill said FM Sitharaman in her Budget presentationGovt will undertake a comprehensive review of research to develop climateresilient seedsIn the next 2 years one crore farmers will be initiated in natural farmingLargescale vegetable production clusters would be promoted to increase productionGovt in partnership with states will promote digital public infra for agricultureGovt will bring a National Cooperation Policy for overall developmentGovernment to strengthen production storage and marketing of pulsesFasttracking growth of the rural economy and employment opportunities will be a policy goalGovt will provide finance for shrimp farming and marketingRs 3 lakh crore for schemes benefitting women and girlsMore than 100 branches of India Post Payment Bank to be set up in the North East regionCompletion of the Polavaram Irrigation Project to ensure food security of the nationGovt to launch three employmentlinked schemes FM SitharamanGovt to provide an incentive to 30 lakh youth entering the job market by providing 1 month PF contributionGovt to provide funds to private sector domain experts amp others for developing climateresilient seeds FM Sitharaman Govt to set up working women hostels to promote women participation in workforce FM in BudgetGovt will release new 109 high yielding climateresilient seeds for 32 field and horticulture cropsNew centrallysponsored scheme for skilling in collaboration with states and industry 20 lakh youth to be skilled over 5 yearThe model skilling loan scheme will be revised to facilitate loans up to Rs 75 lakhGovt to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutionsGovt to provide evouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amountGovt to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutionsWill formulate plan Purvodaya for all round development of Bihar Jharkhand West Bengal Odisha and Andhra PradeshWill support industrial corridor for development in eastern region says FMInvestmentready ldquoplug and playrdquo industrial parks to be developed in or near 100 cities12 industrial parks sanctioned under National Industrial Corridor Development Programme14 large cities with a population above 30 lakh will have Transit Oriented Development plans1 crore urban poor and middleclass families to be covered under PMAwasYojana Urban 20100 weekly lsquohaatsrsquo or street food hubs in select citiesThe Finance Minister announced that longterm capital gains on all financial and nonfinancial assets will attract a tax rate of 12537 Additionally the limit of exemption for capital gains will be set at Rs 125 lakh per yearThe NPS Vatsalya programme is made available for parents to invest in on behalf of their children by FM Nirmala Sitharaman The account may be passed to the child after they reach adulthoodThe Finance Minister stated that rules and recognition for Foreign Direct Investments FDIs will be simplified to facilitate their inflow This move aims to prioritize and promote the use of the Rupee for overseas investmentsThe Finance Minister announced a proposal to increase the duty on printed circuit board assemblies PCBA for specific telecom equipment by 10 to 1537Government to exempt three more medicines for cancer treatment from customs dutyCustoms duty on gold and silver to be reduced to 637 platinum to 6437The Finance Minister stated that the Indian mobile industry has matured and proposed to reduce the Basic Customs Duty BCD on mobile phones mobile PCDA Printed Circuit Design Assembly and mobile charges to 1537Rs 266 lakh crore has been allocated for rural development including rural infrastructure She also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areasGST has significantly reduced tax incidents for the common man and eased compliance for industry marking a success of vast proportions To further enhance the benefits of GST we will strive to rationalize the tax structureThe development of small and modular nuclear reactors in the country FM Sitharaman says The govt will partner with the private sector for setting up Bharat small reactors research and development of Bharat small modular reactors amp research and development of newer technologies for nuclear energyThe Finance Minister stated that rules and recognition for Foreign Direct Investments FDIs will be simplified to facilitate their inflow This move aims to prioritize and promote the use of the Rupee for overseas investmentsThe Finance Minister announced that states charging high stamp duty will be encouraged to moderate their rates for all Additionally further reductions in duties for properties purchased by women will be considered These measures will also be incorporated as essential components of urban development schemesThe Finance Minister highlighted the focus on energy security announcing that a policy document on energy transition pathways will be released emphasizing employment and sustainability The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants providing free electricity up to 300 units per month to 1 crore households The initiative has already seen 128 crore registrations and 14 lakh applications which is a remarkable achievementThe Finance Minister proposed supporting the development of corridors at Vishnupad Temple and Mahabodhi Temple following the model of the Kashi Vishwanath Temple Additionally the government will back the development of Nalanda in Bihar as a tourist centre Finance Minister Sitharaman also announced that an economic policy framework will be introduced to usher in nextgeneration reforms aimed at boosting economic growth Furthermore the government will provide assistance to Odisha for the development of tourism as stated by the FM in Lok SabhaPhase 4 of the PM Gram Sadak Yojana will be launched to provide allweather roads to 25000 rural habitatsComprehensive development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor will be supported