Union Budget 2024: Driving India's Economic Resurgence

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FY25 Capex: Centre holds steady at ₹11.1 lakh crore, infrastructure spend at 3.4% of GDP

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The revised tax rate under the new tax regime

● ₹0-3 lakh - nil tax
● ₹3-7 lakh - 5%
● ₹7-10 lakh - 10%
● ₹10-12 lakh - 15%
● ₹12-15 lakh - 20%
● Above ₹15 lakh - 30%

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Employment and Skilling

● Youth Empowerment: Five schemes targeting  ₹4.1 crore youth over 5 years, ₹2 lakh crore outlay

● Internship Boost: Comprehensive scheme for ₹1 crore youth in top companies over 5 years

● Employment Incentives: Wage support for first-time employees announced

● Women's Skilling Initiatives: Programs aim to increase workforce participation

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MSME and Manufacturing Support

● MSME Focus: Credit guarantee scheme and term loans for machinery purchase

● Technology Boost: Support package announced for MSMEs

● SIDBI Expansion: 24 new branches to serve MSME clusters

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Financial Initiatives

● Mudra Loan Expansion: Limit doubled to ₹20 lakh for previous borrowers

● Higher Education Finance: Support for loans up to ₹10 lakh in domestic institutions

● IBC Enhancement: Integrated technology system introduced for insolvency and bankruptcy code

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Agriculture and Rural Development

● Rural Development Boost: ₹2.66 lakh crore provision announced

● Agricultural Research Transformation: Focus on productivity and climate-resilient crops

● Natural Farming Initiative: ₹1 crore farmers to be introduced over 2 years

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● PPP Rental Housing: Initiative for industrial workers announced

● Andhra Pradesh Support: ₹15,000 crore financial package unveiled

● Infrastructure Boost for Bihar: New airports, medical facilities, and sports infrastructure

Infrastructure and Regional Development

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Economic Outlook

● Inflation Targets: Moving towards the 4% goal, economic stability expected

● Job Creation Focus: Boosting consumption to benefit consumer goods, real estate, and auto sectors

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Nine Priority Areas

● Agriculture
● Employment
● Inclusive Development
● Manufacturing and Services
● Urban Development
● Energy
● Infrastructure
● Innovation and R&D
● Next Generation Reforms

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Over ₹3 lakh crore allocated for women and girls' development schemes

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Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) Extended: 5-year plan to aid 80 crore citizens through social welfare initiative

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Digital Public Infrastructure innovations in Credit, E-commerce, Law, and Corporate Governance

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