Key points of Budget 2024-25

Budget 2024-25 was presented by Finance Minister Nirmala Sitharaman. The key points of this budget were:

1. The budget tried to strike a balance between the need for providing fiscal stimulus to the economy and the need for maintaining fiscal prudence.
2. To give fiscal stimulus to the economy, Rs 11.1 lakh crore was allocated for infrastructure. This was 3.4% of GDP.
3. Rs 1.5 lakh crores was allocated for long term interest free loans to the state governments by the central government.
4. Phase IV of Pradhan Mantri Gram Sadak Yojana (PMGSY) was launched in the budget.
5. All weather road connectivity to 25000 rural habitations was to be provided under this scheme.
6. Rs 11,500 crore was allocated for projects related to irrigation and inter-linking of rivers.
7. These projects included the Kosi-Mechi link project.
8. The Kosi-Mechi Link project is for linking Kosi and Mechi rivers.
9. A number of initiatives for promoting tourism were announced in the budget.
10. These initiatives included the development of Vishnupad Temple Corridor, Mahabodhi Temple Corridor etc.
11. Anusandhan National Research Fund was operationalized for funding basic research and prototype development.
12. A financing pool of Rs 1 lakh crore was announced for promoting research & innovation by private sector.
13. The budget announced setting up of Rs 1000 crore venture capital fund for promoting the space economy.
14. A number of input side reforms in the area of land were announced in the budget.
15. Unique Land Parcel Identification Number (Bhu-Aadhar) for all lands.
16. Land records in urban areas to be digitized by GIS mapping.
17. Setting up of land registry.
18. The budget announced the formation of New Pension Scheme (NPS).
19. The budget announced measures for promoting international trade in rupee.
20. Three more cancer medicines were exempted from customs duty in order to make them more affordable.
21. Basic Customs Duty was reduced to 15% on mobile phone and chargers.
22. Customs duty on gold and silver was reduced to 6%.
23. Customs duty on platinum was reduced to 6.4%.
24. In order to give a boost to seafood industry, the budget reduced basic customs duty on shrimp and fish feed to 5%.
25. Customs duty exemptions were announced for more capital goods, that were used in the manufacturing of solar cells & panels.
26. 25 critical minerals were fully exempted from custom duties.
27. Short term gains on financial assets were to be taxed at 20% rate.
28. Long term capital gains on all financial and non-financial assets to be taxed at 12.5%.
29. Capital gains exemption limit on financial assets was increased to Rs 1.25 lakhs per year.
30. Angel tax for all categories of investors was abolished.
31. This was done to give a boost to financing for upstarts.
32. Safe harbor tax rates for foreign mining companies were provided.
33. Corporate tax rate for foreign companies was reduced to 35% from 40%.
34. In the area of income tax, standard deduction for salaried persons was increased to Rs 75,000 from Rs 50,000.
35. Standard deduction on pensions for family pensioners was increased to Rs 25,000 from Rs 15,000.

Data Source: https://www.indiabudget.gov.in/doc/bh1.pdf