A Comprehensive Look at the Union Budget 2024
As the fiscal year unfolds, India eagerly awaits the transformative changes outlined in the Union Budget 2024. With a keen focus on infrastructure, agriculture, railway, aviation, automobiles, and energy sectors, the government is poised to accelerate the nation's growth. Let's delve into the key highlights of the budget and their implications for the various facets of India's economy. Infrastructure & Development: Building the Foundations of Progress 1. The government plans to construct 2 crore houses in rural areas over five years as part of a housing initiative. 2. The goal of providing 3 crore houses under the PM-AWAS scheme in rural areas is nearing completion. 3. The Prime Minister's commitment is evident in the rooftop solarization plan, which aims to help households save Rs. 15,000-18,000 through solar power. 4. Finance Minister Nirmala Sitharaman has announced the government's upcoming housing plan for the middle class. Agriculture Sector: Cultivating Prosperity 1. The government aims to enhance agri-food processing to boost farmer income. 2. The promotion of private and public investment in post-harvest activities is a key initiative. 3. A strategic plan is in the works to achieve self-sufficiency in oilseeds. 4. A program is being formulated to provide support to dairy farmers. Railway & Aviation Sector: Connecting India Faster and Better 1. The PM Gati Shakti plan includes the development of three rail connectivity corridors. 2. A goal is set to upgrade 40,000 rail bogies to meet Vande Bharat standards. 3. The enhanced PM Gati Shakti plan is expected to benefit passenger train operations. 4. Under the Udan scheme, 517 new routes will be introduced, connecting tier 2 and 3 cities. 5. The expansion of Metro Rail, under the NaMo Bharat initiative, will include more cities. Automobiles & Energy Sector: Driving Towards Sustainability 1. The government aims to promote the adoption of electric buses through a secure payment mechanism. 2. Coal gasification will be utilized to reduce the dependency on imported natural gas, methanol, and ammonia. 3. A scheme for bio-manufacturing and bio-foundries will be launched to promote green growth. 4. The government will provide support for the expansion and manufacturing of electric vehicles. 5. A funding gap for ensuring the viability of harnessing 1 GW of offshore wind energy is planned. 6. There are plans to establish a coal gasification capacity of 100 tons by the year 2030. Taxation: Stability and Incentives 1. Income tax slabs remain unchanged. 2. No adjustments to tax rates for companies, LLPs, or individuals. 3. Extended tax benefits for startups and sovereign wealth funds until March 2025. 4. Withdrawal of direct tax demands up to ₹25,000 for the period up to 2009-10 and ₹10,000 for the period up to 2014-15, benefiting 1 crore people. Join our WhatsApp Group for Trading/Investment ideas & Market Updates👇
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