Sun	Mon	Tue	Wed	Thu	Fri	Sat
30	31	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	1	2	3
4	5	6	7	8	9	10

Back to Main Page

Daily Current Affairs

Budget 2024 Key Highlights

Current (GK) Indian Economy

23-Jul-24

Finance Minister Nirmala Sitharaman on July 23 presented the budget 2024-25 , raising expenses by Rs 3.7 lakh crore from last year’s estimates.

In the new government’s first budget, the fiscal deficit target—shorthand for what the government plans to borrow to fund its expenses—has been set at 4.9 percent of GDP, lowered from the 5.1 percent projected in the Interim Budget.

Budget highlights

The total expenditure has been set at Rs 48.2 lakh crore, up 8.5 per cent from the updated revised estimates of Rs 44.43 lakh crore in 2023-24 and 1.1 percent from the interim budget projections of Rs 47.66 lakh crore.
The capital expenditure projections have been maintained at Rs 11.11 lakh crore earmarked in the interim Budget in February.
Revenue expenditure is set to grow to Rs 37.09 lakh crore in 2024-25, up 0.8 percent from the interim budget’s estimates of Rs 36.54 lakh crore and higher by 6.2 percent from updated revised estimates of Rs 34.94 lakh crore for 2023-24.
The finance minister had more flexibility, thanks to the Reserve Bank of India's (RBI's) record dividend payout of Rs 2.11 lakh crore to the government announced in May. The dividend for 2023-24 is 141 percent higher than the Rs 87,416 crore of dividend payout in the fiscal year 2022-23.
Corporate income tax collections (including cesses and surcharges) for 2024-25 are projected at Rs 10.42 lakh crore, up 13 per cent from the updated revised estimates of Rs 9.22 lakh crore for 2023-24.
Income tax collections (including cesses and surcharges), too, are set to rise to Rs 11.56 lakh crore in 2024-25, up 13 percent from the updated revised estimates of Rs 10.22 lakh crore for 2023-24
GST revenues for 2024-25 have been projected at Rs 10.67 lakh crore, up 11.6 percent from the updated revised estimates of Rs 9.56 lakh crore for 2023-24.
New tax rate as per Budget 2024 are as follows:

0-3 lakh: Zero tax

3-7 lakh: 5 per cent

7-10 lakh: 10 per cent

10-12 lakh: 15 per cent

2-15 lakh: 20 per cent

15 lakh & above: 30 per cent

Standard Deduction on New Tax Regime increased from Rs 30,000 to Rs 75,000.

Short-term gains tax on specified financial assets increased from 15 per cent to 20 per cent; rates on other financial and non-financial assets remain unchanged
Long-term gains tax on all assets raised to 12.5 per cent from earlier 10 per cent
Custom duty on Gold and silver duties reduced to 6 per cent, platinum to 6.4 per cent
Customs duty fully exempted on three additional cancer medicines

Other announcements

100 new branches of India Post Payments Bank to be established in the North East
Twelve new industrial parks to be created
Rs 10 trillion allocated for providing 1 crore houses to the urban poor and middle class.
FM Sitharaman announces a critical mineral mission and the auction of the first offshore mining blocks.
Rental housing scheme for industrial workers in PPP mode.
Mudra loan limit increased from Rs 10 lakh to Rs 20 lakh for those who successfully repaid loans under the TARUN category.
Three new employment-linked schemes proposed with Rs 2 trillion allocation for job creation over five years, targeting skills for 20 lakh youth and increased women’s participation.