If you are looking for what happened in the budget 2024 ,then look no further than this blog which has budget highlight 2024 to know what’s for you this year
The budget presented by the new government form was impactful in many ways. The budget 2024 which was presented by the Modi government 3.0 is a mixed pack, the budget highlights 2024 focuses on covering the things you need to know about this new budget and here’s what the budget has for you, in this very tenure of the new government there are a lot of aspects that the government has covered there are also some of very Revolutionary steps that the government came up with for the budget.
The budget highlight 2024 describes it all there is a lot spent on the infrastructure and there is a promise for jobs for the youth so yes! This budget has it. The unemployed youth is taken care of there is good news for the startups small-scale businesses and the taxpayers but the budget didn’t pan out for the share investors, or the middle class so let’s learn in detail about the budget highlight 2024.
Contents
So here’s what the government has for you in this budget:
let’s have an in-general view of the budget highlight for 2024 the things that the budget focuses on are our taxes investment sector job market startups so for the taxpayers earlier the standard deduction was 50000 but now it’s 75000 so it has turned out to be beneficial for the taxpayers. The ones who have an income less than 10 lakh have taken home loans and have savings have an advantage in the old tax structure while there’s an advantage for the people in the new tax structure who have a salary of more than 12 lakh
what’s new in the job market
This budget has good news in the employment sector. There are some new opportunities for the people seeking Jobs the government has promised 4 crore job openings in the coming 5 years amongst which two crore freshers will be getting direct help
The budget hasn’t proved good when it comes to the investment market the investors are unhappy with the announcement of the tax rise especially in the share market the tax limit has been increased now let’s have a look at what is cheaper and what’s expensive so this time it has affected the gold and silver market where the rates of the gold and silver can be seen cheaper the price of mobile phones are also said to be cheaper
Now here’s what went expensive and what went cheaper:
Cheaper:
On mobile phone chargers the BDC is reduced to 15%, and taxes on mobile batteries Lithium batteries have been reduced the medicine for cancer has been made free from custom duty other than this fish food, solar cells, petrochemicals, and x-ray machines have been made cheaper
Expensive:
Ammonium Nitrate, PVC plastic, Telecom devices, the luxury items which are more than 10 lacks for these TCS have been proposed
Here are the top four things from the budget highlights 2024 for you
1.For the people speaking jobs:
There are policies to increase employment. On your first job, a bonus salary would be given a promise has been made to the youth to give four crore jobs in the coming 5 years
2.For the students:
For higher education students can enjoy 3% off on interest rates on a loan of 10 lakh the ones who aren’t exercising any benefits under government policy will get a loan for admission to any institute in the country every year 25000 students are supposed to get help under the model Kushal Rin Yojana
The short-term capital gain tax is increased to 5% and long-term capital gain taxes increase to 2.5% so if a long-term stock is a stock that is sold after 1 year or long or so in, the tax is increased from 10% to 12.5% and for the short term it’s been increased from 15% to 20%
4. For startups:
Budget 2024 has put an end to the Angel tax now it’s easy for this startup to gain funds easily it’s been proposed for a long time to remove the Angel tax
Here’s what else happened on the budget day
- Sensex had seen a fall of 1324 numbers in the morning Nifty was open at 24568 but had seen off after about 2 and half hours by 427 although it recovered and again dropped by 30.20 after which closed at 24479.05 on the budget day Sensex saw a fall for the fifth time in 10 years.
- Women to get stamp duty off on the national level
- Bihar gets 4% more than Andhra Pradesh
Here are the key points from budget highlight 2024
- 11,11,111 would be spent on infrastructure which is 3.4% of the country’s GDP
- The government is estimated to earn about 38.40 lakh crore from taxes which is 10.65% more in comparison to the last financial year among these 22.07 lakh crore will be gained from direct taxes
- 4.9% of financial losses are estimated in the last financial year it was 5% of the GDP
- 621940 crore rupees is the defense budget which is about 2800 crore rupees more than the previous year
Conclusion:
In conclusion, the Budget Highlight 2024 presents a comprehensive roadmap for economic growth, fiscal prudence, and social welfare. With a focus on digitalization, infrastructure development, and skill enhancement, the budget sets the stage for a resilient and sustainable future. The key takeaways from the Budget Highlight 2024, including tax reforms, investment incentives, and social security schemes, are poised to have a far-reaching impact on various sectors and stakeholders.
As we delve into the nuances of the Budget Highlight 2024, it is clear that the government has taken a holistic approach to address the challenges and opportunities of a rapidly evolving economy. By prioritizing innovation, inclusivity, and governance, the budget aims to unlock India’s true potential and drive progress. As we move forward, it is essential to monitor the implementation and outcomes of the budget initiatives, ensuring that the benefits reach the intended beneficiaries. Stay tuned with us for further analysis and insights on the Budget Highlight 2024 and its implications for the economy and society.