Key proposals and allocations from the Budget 2024:

Here’s a summary of the key proposals and allocations from the Budget 2024:

Taxation

1. Capital Gains Taxes:
   • Short-term gains: 20% on all financial assets; remains unchanged for other assets.
   • Long-term gains: 12.5% on all assets.
   • Exemption: Profits up to ₹1.25 lakh per year are exempt.
2. Standard Deduction: Increased from ₹50,000 to ₹75,000.
3. Family Pension Deduction: Increased from ₹15,000 to ₹25,000.
4. New Tax Slabs:
   • ₹0-3 Lakh: Nil
   • ₹3-7 Lakh: 5%
   • ₹7-10 Lakh: 10%
   • ₹10-12 Lakh: 15%
   • ₹12-15 Lakh: 20%
   • Above ₹15 Lakh: 30%
5. Angel Tax: Abolished for all categories of investors.
6. Securities Transaction Tax (STT) on F&O: Increased to 0.2%.

Government Spending and Economic Measures

1. Capex Allocation: ₹11.11 lakh crore (3.4% of GDP).
2. Historical Capex Spending:
   • 2019: ₹3.1 lakh crore
   • 2021: ₹4.4 lakh crore
   • 2022: ₹5.5 lakh crore
   • 2023: ₹7.5 lakh crore
   • 2024: ₹10 lakh crore
   • 2025: ₹11.1 lakh crore
3. Fiscal Deficit:
   • Lowered to 4.9% of GDP.
   • Market borrowing unchanged at ₹14.13 lakh crore.
   • Target to reduce fiscal deficit to below 4.5% by FY26.
4. Mobile Phones and Chargers: Basic customs duty reduced to 15%.

Social and Economic Development

1. Schemes for Women and Girls: Over ₹3 lakh crore allocated.
2. Mudra Loans: Limit increased from ₹10 lakh to ₹20 lakh.
3. MSME Support: New mechanisms for bank credit during stress periods.
4. Employment and Skilling: Focus on generating opportunities across various sectors.
5. Youth and Skill Development: ₹2 lakh crore over 5 years for 4.1 crore youth.

Agriculture and Rural Development

1. Farmers: Digital coverage and support for natural farming.
2. New Seeds: 109 high-yielding, climate-resilient seeds to be released.
3. Rural Development: ₹2.66 lakh crore provision made.

Infrastructure and Urban Development

1. Industrial Parks: Investment-ready parks in or near 100 cities.
2. Urban Development: Focus on smart cities and advanced technology integration.
3. Housing: PM Awas Yojana Urban 2.0 to cover 1 crore urban poor and middle-class families.

Environmental and Sustainable Development

1. Green Infrastructure: Investment in renewable energy sources doubled.
2. Clean Water and Sanitation: ₹5,000 crore allocation.
3. Plastic Waste Reduction: Nationwide campaign to be launched.

Technology and Innovation

1. Digital Infrastructure: ₹10,000 crore for enhancement.
2. Broadband Connectivity: Expansion to rural and remote areas.
3. R&D in Healthcare: Additional funding for research and development.

Employment and Social Security

1. EPFO-linked Schemes: Employment-linked incentives based on EPFO enrolment.
2. Working Women Hostels: To promote women participation in the workforce.
3. Pradhan Mantri Janjatiya Unnat Gram Abhiyan: Improving socio-economic conditions for tribal communities.

Other Highlights

1. India Post Payments Bank: 100 branches to be set up in the North East.
2. Nuclear Energy: Recognized as an important part of energy requirements.
3. Tourism: Focus on specific destination improvements, targeting 1.5 crore tourists annually.
4. Disaster Management: Enhanced funding for disaster management and relief efforts.
5. Women’s Safety and Empowerment: Increased focus and funding.

This comprehensive budget aims to drive growth across multiple sectors, enhance infrastructure, support the middle class and MSMEs, and promote sustainable development.

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