New Delhi, July 23 (NVI):Finance Minister Nirmala Sitharaman presented the Modi 3.0 govt’s Budget today, introducing increased standard deduction and revised tax rates for salaried individuals under the new tax regime.
She makes history as the first finance minister to present seven consecutive Budget speeches, surpassing former Prime Minister Morarji Desai’s record of six consecutive budgets as finance minister between 1959-64.
Sitharaman introduced increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Besides this, customs duty on gold, silver, mobile phones and other goods were announced.
NEW TAX REGIME
NO TAX ON INCOME UP TO 3 LK/YR
TAX OF 5% ON INCOME B/W ₹3-7 LK
STANDARD DEDUCTION UNDER NEW TAX REGIME RAISED TO ₹75,000
10% TAX ON INCOME OF ₹7-10 LK
15% TAX ON INCOME OF 10-12 LK
20% TAX ON INCOME OF ₹12-15 LK
30% TAX ON INCOME ABOVE ₹15 LK
12.5% TAX ON LONG TERM CAPITAL GAINS
20% TAX ON SHORT TERM CAPITAL GAINS
Highlights from Budget so far
- Employment and Skilling:
Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
Comprehensive internship scheme for one crore youth in top companies over five years
Employment-linked incentives, including one month’s wage support for first-time employees
Women-specific skilling programs and increased workforce participation
- MSME and Manufacturing Support:
Special attention to MSMEs and manufacturing sector
Credit guarantee scheme and term loans for machinery purchase
Technology support package for MSMEs
SIDBI to open 24 new branches to serve MSME clusters
- Financial Initiatives:
Mudra loan limit increased from ₹10 lakh to ₹20 lakh for previous borrowers
Financial support for higher education loans up to ₹10 lakhs in domestic institutions
Integrated technology system for Insolvency and Bankruptcy Code (IBC)
- Agriculture and Rural Development:
₹2.66 lakh crore provision for rural development
Transformation of agricultural research to focus on productivity and climate-resilient crop varieties
Initiative to introduce 1 crore farmers to natural farming over 2 years
- Infrastructure and Regional Development:
Rental housing in PPP mode for industrial workers
Special financial support of ₹15,000 crore for Andhra Pradesh
New airports, medical facilities, and sports infrastructure for Bihar
- Economic Outlook:
Inflation moving towards 4% target
India’s economic growth described as a “shining exception”
Focus on job creation and boosting consumption, potentially benefiting consumer goods, real estate, and auto sectors
- Nine Priority Areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms.
- Women-Led Development: Over ₹3 lakh crore allocated for schemes benefiting women and girls.
- Social Welfare: Extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) for five years, benefiting over 80 crore people
- Digital and Technological Advancements: Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance. (News Vibes of India)
