Introduction
The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, outlines significant reforms and allocations that aim to steer India towards a resilient and robust economic future. This detailed analysis covers the crucial aspects of the budget, focusing on income tax adjustments, major financial allocations, and sector-specific announcements that shape the economic landscape.
Income Tax Reforms
Revised Income Tax Slabs
The Union Budget 2024 introduces several changes to the income tax slabs, aiming to provide relief to the middle class and stimulate economic growth. The revised slabs are as follows:
| Income Range (₹) | Tax Rate (%) |
|---|---|
| 0 - 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 7,50,000 | 10% |
| 7,50,001 - 10,00,000 | 15% |
| 10,00,001 - 12,50,000 | 20% |
| 12,50,001 - 15,00,000 | 25% |
| Above 15,00,000 | 30% |
These changes are designed to increase disposable income for taxpayers, thereby boosting consumer spending and economic activity.
Major Financial Allocations
Education Sector
The education sector sees a substantial increase in allocation, emphasizing the government's commitment to enhancing the quality of education. Key initiatives include:
- National Digital University: An initiative to promote online education and make quality education accessible to a wider audience.
- Skill Development Programs: Enhanced funding for skill development to align with industry needs and increase employability.
Healthcare Sector
The healthcare sector remains a priority with significant investments aimed at improving healthcare infrastructure and accessibility. Highlights include:
- Expansion of Ayushman Bharat: Increased funding to cover more beneficiaries and enhance healthcare facilities.
- Telemedicine Services: Strengthening of telemedicine services to provide healthcare in remote areas.
Infrastructure Development
Transportation and Urban Development
The budget allocates substantial funds for infrastructure development, focusing on transportation and urban development. Key projects include:
- Highway Expansion: Major investments in expanding and upgrading national highways to improve connectivity.
- Urban Renewal: Initiatives aimed at the modernization of urban infrastructure and the development of smart cities.
Renewable Energy
A significant portion of the budget is dedicated to promoting renewable energy sources, aligning with India's commitment to sustainable development. Key measures include:
- Solar Energy Projects: Increased funding for solar energy projects to reduce dependency on fossil fuels.
- Wind Energy Development: Support for wind energy projects to diversify the energy mix.
Sector-Specific Announcements
Agriculture
The agriculture sector receives focused attention with measures aimed at improving productivity and farmers' income. Key initiatives include:
- Irrigation Projects: Enhanced funding for irrigation projects to ensure water availability for crops.
- Agri-Tech Innovations: Support for technological innovations in agriculture to increase efficiency and output.
MSMEs
Micro, Small, and Medium Enterprises (MSMEs) are the backbone of the Indian economy. The budget introduces measures to support and grow this sector, including:
- Credit Support: Enhanced credit support to MSMEs to facilitate growth and expansion.
- Digital Infrastructure: Investments in digital infrastructure to help MSMEs integrate with the digital economy.
Conclusion
The Union Budget 2024 presents a comprehensive framework aimed at fostering economic growth, enhancing quality of life, and promoting sustainable development. With targeted reforms and strategic allocations, this budget sets the stage for a resilient and prosperous future for India.
