Budget 2024 Highlights: Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the parliament today, marking the first budget of Prime Minister Narendra Modi's third term. This budget focuses on nine priorities aimed at generating ample opportunities across various sectors. On the macroeconomic front, the fiscal deficit target for FY25 has been reduced to 4.5 per cent. In a move to provide relief to the middle class, the finance minister announced a 50 per cent increase in the standard deduction, raising it to Rs 75,000. Also, she adjusted the tax slabs under the new income tax regime to provide more money in the hands of the salaried class with a view to boosting consumption.

Key Highlights Of Budget 2024

- Budget 2024 will focus on employment, skilling, MSME and middle class, said Sitharaman

- PM Garib Kalyan Ann Yojna was extended for 5 years benefiting 80 crore people

- The Budget for FY25 will provide Rs 1.48 lakh crore for education, employment and skill

- Jobs, social justice, urban development, energy security and infrastructure are among the nine priorities of the Union Budget

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- In the next two years one crore farmers will be initiated in natural farming, the finance minister said.

- As per the New Budget 2024 highlights, fast-tracking growth of rural economy and employment opportunities will be the policy goal

- The government will provide finance for shrimp farming and marketing

- Jan Samarth-based Kisan Credit Card to be introduced in five states, Sitharaman said in Lok Sabha

- The government will also provide incentives to 30 lakh youth entering the job market by providing 1 monthly PF contribution

- Working women hostels will be set up to promote women's participation in the workforce, said the finance minister

- Government will release new 109 high yielding, climate-resilient seeds for 32 field and horticulture crops

- New centrally-sponsored scheme for skilling in collaboration with states, and industry; 20 lakh youth to be skilled over 5 years

- Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh

- 1,000 ITIs will be upgraded in the hub and spoke model

The government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions

The government will also provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of the loan amount

- The finance minister said "We will formulate a plan Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh"

- Government proposed Rs 26,000 crore for various road projects in Bihar, says FM in Lok Sabha

- Union government to arrange financial assistance to Bihar through aid from multilateral development agencies

- Backward Region grant will be provided to three districts of Andhra Pradesh

- Government allocated over Rs 3 lakh crore for schemes benefiting women, girls

- The Budget also focused on facilitating special financial support for the development of the capital city in Andhra Pradesh

- 100 branches of India Post Payments Bank to be set up in North East

- Budget will provide Rs 2.66 lakh crore for rural development

- Sitharaman announced a credit guarantee scheme for MSMEs to facilitate term loans without collateral or third-party guarantee

The government will arrange Rs 15,000 crore this fiscal and in future years for the development of the capital city of Andhra Pradesh

- The Centre will also set up airports, medical colleges and sports infra in Bihar

- Loan limit under MUDRA loan scheme to be doubled to Rs 20 lakh

- SIDBI to open 24 new branches to serve MSMEs clusters

- The government will reduce the turnover threshold of MSME buyers for mandatory onboarding on the TReds platform from Rs 500 crore to Rs 250 crore

- Scheme will be launched to provide internship opportunities to 1 crore youth in 500 top companies over 5 years

- Rs 20,000 crore to be allocated for highways in Bihar

- Government to promote investment-ready industrial parks in 100 cities

- The finance minister proposed an integrated technology platform for improving outcomes under the Insolvency and Bankruptcy Code

The government will develop digital public infra applications in seven areas, including credit, MSME service delivery

- Central assistance of Rs 2.2 lakh crore proposed for urban housing over next five years

- NTPC and BHEL in JV will set up 800 MW supercritical thermal power with higher efficiency

- Government provides Rs 11.11 lakh crore towards capex for FY25

- Power projects, including setting up a new 2400 MW power plant at Pirpainti in Bihar, will be taken up at a cost of Rs 21,400 crore

- The Union Government will also provide Rs 11,500 crore to Bihar for flood mitigation

- Fiscal deficit is estimated at 4.9 per cent of GDP

- Net tax receipts estimated at Rs 25.83 lakh crore in FY25

- Government aims to reach 4.5 per cent fiscal deficit in 2025-26

- According to the finance minister, total receipts were estimated at Rs 32.07 lakh crore, expenditure at Rs 48. 21 lakh crore in FY25

- Sitharaman proposed new income tax slabs -- up to Rs 3 lakh nil, Rs 3-7L 5 per cent, Rs 7-10L 10 per cent, Rs 10-12L 15 per cent, Rs 12-15L 20 per cent, above Rs 15L 30 per cent