10 Powerful Highlights from the Union Budget 2024–25 That Empower the Nation

Modi Praises Union Budget 2024–25 for Continued Support to Poor and Middle-Income Groups

Prime Minister Narendra Modi has hailed the Union Budget 2024–25, noting that the poor and middle-income groups have continued to receive benefits under the National Democratic Alliance government in the last 10 years. The budget was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha, who announced that the standard deduction limit for taxpayers under the new tax regime would be revised to Rs 75,000. Modi also praised job creation measures, stating that TDS (tax deducted at source) rules have been simplified and will result in additional savings for every taxpayer.

He also spoke about the guiding principle of this year’s budget of focusing on employment generation and said that the various schemes announced for the sector have further strengthened the NDA government‘s identity of focusing on job creation. The Union Budget 2024–25 identified nine priorities for generating ample opportunities: productivity and resilience in agriculture, employment and skills, inclusive human resource development and social justice, manufacturing and service, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms. WATCH

Increased Allocations for India-Funded Neighborhood Projects in Union Budget

India-funded projects in the neighborhood received the bulk of the allocation for the Ministry of External Affairs under the Union Budget. Nepal secured an allocation of ₹700 crore, which is a jump of ₹150 crore from the previous year’s allocation of ₹550 crore. Sri Lanka, which has a number of India-funded projects, has received ₹245 crore, an improvement of ₹95 crore over last year’s funding of ₹150 crore. The benchmark Sensex and Nifty settled marginally lower in volatile trade on July 23 as the government proposed to hike the securities transaction tax on futures & options in the Budget for 2024–25.

Securities Transaction Tax Hike and Other Tax Reforms Announced in the Union Budget

To deepen the tax base, the Finance Minister has proposed to increase the Securities Transaction Tax on Futures and Options contracts to 0.2% and 0.1%, respectively. Income received on the buyback of shares will be taxed in the hands of the recipient. To address the housing needs of urban poor and middle-class families, Union Finance Minister Nirmala Sitharaman has announced an investment of ₹10 lakh crore under the PM Awas Yojana-Urban 2.0, including the Central assistance of ₹2.2 lakh crore in next five years.

Massive Investment in Urban Housing under PM Awas Yojana-Urban 2.0 to Address Housing Needs

As per the budget proposals now, unlisted bonds and debentures, debt mutual funds, and market-linked debentures will attract tax on capital gains irrespective of the holding period. The Department of Space received an 18% hike over its expenses in 2023–2024 in the 2024–2025 Union Budget presented by Finance Minister Nirmala Sitharaman on Tuesday. The Union government has continued its emphasis on tackling non-communicable diseases and allocating funds for research in the healthcare sector, with Finance Minister Nirmala Sitharaman announcing customs duty exemptions for three cancer treatment drugs: Trastuzumab Deruxtecan, Osimertinib, and Durvalumab.

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The bulk of the hike goes towards the development of space technologies. She proposed to fully exempt three more medicines from customs duties and changes in the BCD (basic customs duty) on X-ray tubes and flat panel detectors for use in medical X-ray machines under the phased manufacturing programme. In conclusion, the Union Budget 2024–25 has made significant strides in addressing the needs of the poor and middle-income groups, focusing on job creation, infrastructure, and tax reforms.